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Malaysian palm oil futures surged to their highest in six weeks on Friday evening, charting a fifth straight session of gains, on expectations of dwindling stockpiles and improved exports. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.9 per cent at 2,224 ringgit ($544.16) a tonne at the close of trade. It earlier rose 1.4 per cent to 2,235 ringgit, its highest since Feb. 25. Palm is up this week by 5.6 per cent, a second weekly gain in three. A futures trader in Kuala Lumpur said the market jumped in the evening on expectations of higher exports in April. Palm oil futures had risen this week on expectations that March data from industry regulator, the Malaysian Palm Oil Board, to show a decline in inventory levels.
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