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Malaysian palm oil futures rose for a third consecutive session on Friday, buoyed by overnight strength in Chicago soybean oil prices, after a report that US oil and biofuel producers had reached a preliminary agreement to raise the mandatory blending quota for biodiesel and renewable diesel.
The benchmark palm oil contract for June delivery on Bursa Malaysia Derivatives climbed 69 ringgit, or 1.6%, to 4,381 ringgit ($989.16) per tonne in early trade.
The contract posted a weekly gain of 0.14% and is on track for its first weekly rise in three weeks.