Palm oil opens higher; market awaits export estimates

Malaysian palm oil futures rose on Friday and were on track for a weekly gain, with markets awaiting export estimates due later in the day.

The benchmark palm oil contract FCPOc3 for August delivery on the Bursa Malaysia Derivatives Exchange gained 40 ringgit, or 1%, to 4,033 ringgit ($858.09) per metric ton during early trade.

The contract has gained about 3.8% for the week so far.

Tags: estimates, benchmark contract, export, Malaysia, palm oil, futures