Palm oil is posting solid gains for a second day, and has increased more than 2% this week, after falling 0.2% a week earlier. The world’s most-consumed cooking oil has jumped more than 50% from a four-year low in July.
KUALA LUMPUR: Palm oil futures climbed to near the highest level of RM2,913 in almost three years, with a rally in soybean oil, persisting concerns over supply and a robust outlook for biofuel demand prompting investors to buy.
Still, data showing palm oil exports from Malaysia, the second-biggest producer, dropped about 13% from a month earlier in the first 20 days December, helped limit gains.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
