Palm Oil Advances to Four-Week High on China Demand Speculation
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Palm oil climbed to the highest level in four weeks on speculation demand will gain in China, the world’s biggest cooking oil buyer, and reduce record inventories in Malaysia, the top producer after Indonesia.
The contract for March delivery gained 0.8 percent to end at 2,428 ringgit ($792) a metric ton on the Malaysia Derivatives Exchange, the highest settlement level for the most-active contract since Nov. 26. Futures rose 5.9 percent last week and have trimmed this year’s losses to 22 percent.