Malaysian palm oil price retreats, but posts 2nd weekly gain

Malaysian palm oil futures on Friday eased further from 5-week highs hit earlier in the week, although strong export data from the world's No.2 producer of the edible oil helped prices post a second straight weekly gain.

The benchmark July contract on the Bursa MalaysiaDerivatives exchange had edged down 0.8 percent to 2,189 ringgit ($614.54) a tonne by the day's close, off a five-week top of 2,233 ringgit reached on Wednesday.

Exports of Malaysian palm oil products for May 1-15 rose 54.5 percent to 737,308 tonnes, compared with the same period in April, cargo surveyor Intertek Testing Services said. Another cargo surveyor Societe Generale de Surveillance reported a 56 percent surge, helped by purchases by key buyers India, China and Europe that doubled from the same period a month ago.  

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