Palm Oil Surges to Three-Month High as Stockpiles Seen Falling
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Palm oil rallied to the highest level in more than three months on speculation that Malaysian stockpiles will drop from a record as a zero export tax lures buyers away from Indonesia, the world’s largest producer.
The contract for delivery in April gained 1.9 percent to 2,557 ringgit ($823) a metric ton on the Malaysia Derivatives Exchange, the highest price at close for the most-active contract since Oct. 25. Futures climbed 4.9 percent in January, the biggest monthly advance since March.