Palm oil futures rise on export outlook

KUALA LUMPUR, May 31 (Reuters): Malaysian palm oil futures rose on Friday and logged a weekly gain, buoyed by estimates of higher exports in the world's second-biggest producer.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange closed 86 ringgit, or 2.15 per cent, higher at 4,079 ringgit ($867.13) per tonne. The contract gained 5 per cent for the week.
Expectations of a 20 per cent increase in exports of Malaysian palm oil products in May have boosted prices, a Kuala Lumpur-based trader said.
Cargo surveyor Intertek Testing Services said Malaysian palm oil exports for May rose 22.1 per cent from the month before, while independent inspection company AmSpec Agri Malaysia estimated a 22.8 per cent increase.
Another cargo surveyor, Societe Generale de Surveillance, estimated the exports at 1,161,370 metric tons, from 1,045,679 tons a month earlier, LSEG data showed on Friday.