Palm Oil Extends Rally to 28-Month High on Global Supply Risk
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Palm oil climbed for a fifth day to the highest level in 28 months on concern that global supplies will fail to meet demand as adverse weather damages crops.
The January-delivery contract gained as much as 1.7 percent to 3,452 ringgit ($1,117) a metric ton before closing at 3,396 ringgit on the Malaysia Derivatives Exchange, the highest price since July 17, 2008. Prices are set for an 11th week of gains, the longest rally since 2007.