Malaysian palm rises for third session, underpinned by overnight Chicago soyoil
Malaysian palm oil futures increased for a third session on Friday, supported by strength in overnight Chicago soyoil following a report that US oil and biofuel producers agreed in principle to raise the mandate for renewable diesel and biodiesel.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange gained 69 ringgit, or 1.6%, to 4,381 ringgit ($989.16) a metric ton in early trade.
The contract has gained 0.14% for the week and is expected to log its first weekly gain in three weeks.
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