KUALA LUMPUR: Malaysian palm oil futures hit their highest in over a month on Friday, notching their biggest weekly gain in eight weeks as fears of floods disrupting supplies in the world’s second-largest producer outweighed earlier losses.

The benchmark March contract inched up 1.4 per cent to 2,249 ringgit ($645) a tonne by Friday’s close, after hitting 2,252 in late trade, their highest since Nov 19.

After seven straight days of gains, the contract was up 4.5pc this week, posting the biggest weekly gain since the end of October. Total traded volume stood at 32,884 lots of 25 tonnes, just below the usual 35,000 lots.—Reuters

Published in Dawn, December 27th, 2014