KUALA LUMPUR: Malaysian palm oil futures jumped 2% to close at a one-week high on Thursday, boosted by stronger exports during the first two weeks of April and expectations of continuous tight supply.

The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange settled up 77 ringgit, or 2.06%, to 3,807 ringgit ($923.36) a tonne.

Palm extended gains for a third straight session and closed at its highest level since April 7.

Exports of Malaysian palm oil products for April 1-15 rose between 6% and 15% from March 1-15, cargo surveyors said.

“Market is now hoping for higher exports from the major buyers of palm oil, China and India, to replenish their stocks,” a Singapore-based trader said.

Malaysia has kept its May export tax for crude palm oil at 8%, a circular on the Malaysian Palm Oil Board website showed.

The world’s second-largest palm exporter raised its reference price from 4,331.48 ringgit in April to 4,533.40 ringgit in May. Dalian’s most-active soyaoil contract gained 0.6% and its palm oil contract rose 2%.