SINGAPORE, Oct 9: Malaysian palm oil futures rose to their highest in more than a week on Tuesday, supported by a possible export tax change, while traders took positions ahead of key industry data due out this week.

Prices made some headway after a Malaysian government minister said on Monday his country will discuss possible changes to its crude palm oil export tax regime on Friday.

The benchmark December contract on the Bursa Malaysia Derivatives Exchange jumped three per cent to close at 2,438 ringgit per ton. Prices earlier went as high as 2,455 ringgit, a level last seen on Oct 1.

Total traded volumes stood at 31,077 lots of 25 tons each, higher than the usual 25,000 lots. Palm oil may edge up to 2,503 ringgit per ton, said Reuters market analyst Wang Tao based on a wave analysis.—Reuters