Palm Oil Reaches 3,500 Ringgit for First Time in 28 Months
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Palm oil advanced to 3,500 ringgit ($1,110) a metric ton for the first time since July 2008 as an increase in shipments from the biggest producers boosted optimism that demand remains strong amid low supplies.
The February-delivery contract rose as much as 2.6 percent to 3,500 ringgit on the Malaysia Derivatives Exchange and closed at 3,486 ringgit, the highest price since July 15, 2008. Futures climbed 11 percent in November, the fifth monthly increase.