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Palm oil gains for the sixth week in a row, and is at its highest level since two months.

Palm oil gains for the sixth week in a row, and is at its highest level since two months.

Malaysian palm oils futures closed higher on Friday. This was the sixth weekly gain in a row, despite a weak demand for palm oil in major markets.

The benchmark contract for palm oil delivery in September on Bursa Derivatives Malaysia Exchange increased 11 ringgit or 0.27% to 4,115 Ringgit ($968.24), the highest closing rate since April 15.

This week, the contract increased by 4.79%.

Paramalingam Supramaniam said that trading volumes were relatively low and prices had been largely accounted for by most internal and external factors.

"For the trend to continue, it will be necessary for more bullish news." Demand will be crucial in July, as the current market rally is based solely on external forces and has yet to demonstrate a robust increase of demand.

Palm oil contracts in Dalian gained 0.05%, but the most active soyoil contract grew 0.44%. Chicago Board of Trade soyoil prices rose 1.5%.

As palm oil competes to gain a share in the global vegetable oil market, it tracks price changes of competing edible oils.

Exports of palm oil products from Malaysia during the period June 1-20 increased between

Comparing the same time period from a month earlier.

After the White House postponed a decision regarding U.S. involvement with the Israel-Iran Conflict, oil prices dropped, but were on track for a third weekly increase.

Palm oil is less appealing as a biodiesel feedstock due to the weaker crude oil futures.

The dollar has strengthened by 0.16%, increasing the price of palm for foreign currency holders. The dollar is worth 4.2500 ringgits. (Reporting and editing by Ashley Tang, Sonia Cheema, and Shreya Biwas).

(source: Reuters)