Palm Oil Gains as Drought, La Nina Drives Global Crop Concerns
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Palm oil rose for a fourth day on concern that the La Nina weather event may disrupt harvesting in major growing regions and as a drought in Russia could cut global grain supply.
October-delivery futures rose as much as 65 ringgit, or 2.4 percent, to 2,726 ringgit ($867) a metric ton on the Malaysia Derivatives Exchange. The contract was at 2,715 ringgit at 9:50 a.m. in Mumbai. On the Dalian Commodity Exchange, May-delivery soybean oil rose as much as 174 yuan, or 2.1 percent, to 8,286 yuan a ton, the highest since September 2008. It finished the morning session at 8,246 yuan a ton.