By Chester Tay

Shares of some of the world's largest palm oil producers jumped as prices of the edible oil look set to hit another record high Wednesday.

Shares of Sime Darby Plantation Bhd., the world's largest palm oil company by planted area, was up 13% in late-afternoon trading in Asia, while Kuala Lumpur Kepong Bhd., IOI Corp. Bhd. and FGV Holdings Bhd. gained 8.1%, 6.1% and 5.0%, respectively.

Other major players such as Golden Agri-Resources Ltd. and Wilmar International Ltd. added more than 8.0% and 4.0%, respectively.

The share-price gains come as crude palm oil is on track to close at a record high for a third consecutive day. Phillip Futures senior commodities manager Avtar Sandu attributed the strength to tight supply, low production and a recent surge in exports to major buyers India and China ahead of holidays in both countries.

Prices of palm oil trading in Malaysia have risen 7.7% this week, with prices for the benchmark three-month contract rising more than 32% this year.

Write to Chester Tay at chester.tay@wsj.com

(END) Dow Jones Newswires

10-06-21 0415ET