KUALA LUMPUR: Malaysian palm oil futures hit a two-week high on Monday evening, recording a second straight session of gains, as rising demand for palm and gains in rival oilseeds supported the market.

The benchmarl( palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange was up 0.7 per cent at 2,540 ringgit ($651.12) a tonne at the close of trade.

It earlier rose to 2,555 ringgit, matching palm`s highest levels reached on Feb 12.

Trading volumes stood at 44,696 lots of 25 tonnes each at the end of the trading day.

Another trader added that palm oil was up tracking gains in competing oils, such as soyoil on China`s Dalian Commodity Exchange and the US Chicago Board of Trade. -Reuters