Palm rises on strong rival oils, positive export data; set for second weekly gain

KUALA LUMPUR: Malaysian palm oil futures opened more than 1% higher on Friday, and was poised for a second weekly gain, supported by stronger rival edible oils and cargo surveyors’ positive export data.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 62 ringgit, or 1.55%, to 4,052 ringgit ($998.52) a metric ton in early trade.

The contract has advanced 0.45% so far this week.