Palm Oil Surges to Eight-Week High as Stockpiles Seen Declining
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Palm oil rallied to the highest in eight weeks on speculation rising shipments will deplete record reserves from this month.
The contract for March delivery rose 2.1 percent to 2,481 ringgit ($811) a metric ton on the Malaysia Derivatives Exchange, the highest settlement level for the most-active contract since Nov. 2. The rally pared the year’s loss to 22 percent.