KUALA LUMPUR: Malaysian palm oil futures rose more than 2% on Friday and logged their first weekly gain in three, lifted by better exports so far in June and a tight supply situation.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange settled up 99 ringgit, or 2.89%, at 3,520 ringgit ($847.38) a tonne, its highest close since June 15. It gained 2.8% for the week. Exports from Malaysia during June 1-25 rose between 3.4% and 7.5% from the same period in May, cargo surveyors said.

Dalian’s most-active soyaoil contract rose 0.6%, while its palm oil contract gained 1.2%.