Palm Oil Continues to Rise in Malaysia
Palm oil climbed for a second day on Monday after a gain in crude oil increased the appeal of the tropical commodity as an alternative fuel.
March-delivery palm oil advanced as much as 2 percent to 2,605 ringgit ($759) a ton on the Malaysia Derivatives Exchange and closed at 2,592 ringgit at 6 p.m. in Kuala Lumpur. The price has surged 53 percent this year on demand from India and China. The price “most probably will maintain its current level for this week,” said Mona Surya of PT Perkebunan Minanga Ogan, a palm oil producer.
Bloomberg
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