KUALA LUMPUR: Malaysian palm oil futures rose for a fourth consecutive session on Friday, putting the contract on course for its best week in eight on concerns over tightening global edible oil supply.

The benchmark palm oil contract for September delivery on the Bursa Malaysia Derivatives Exchange gained 35 ringgit, or 0.94%, to 3,745 ringgit ($899.38) a tonne in early trade.

Palm has added 6.5% so far this week, heading for its second straight weekly gain.

FUNDAMENTALS

* The Southern Peninsula Palm Oil Millers' Association on Thursday estimated June production to decline 2.9% from the month before, traders said.

* U.S. farmers seeded the second-largest combined corn and soybean acreage ever this spring, the U.S. Agriculture Department said on Wednesday. However, the report fell below trade expectations and sparked a rally in futures prices.

* Dalian's most-active soyoil contract rose 1.7%, while its palm oil contract gained 2.6%. Soyoil prices on the Chicago Board of Trade were up 1.1%.

* Palm oil is affected by price movements in related oils as they compete for a share in the global vegetable oils market.

* Indonesia President Joko Widodo said on Thursday that the country will impose emergency measures until July 20 to contain an exponential spike in coronavirus cases that has strained the medical system.

* Malaysia's derivatives exchange is set to launch a night trading session for the crude palm oil contract and other products by the fourth quarter of 2021, Bursa Malaysia said.


MARKET NEWS

* Global stock markets rose on strong European and U.S. shares on Thursday, with stocks brushing off a rapid re-acceleration in coronavirus cases and oil and the dollar extending their first-half rallies.



($1 = 4.1640 ringgit)