Palm Oil Gains to One-Week High as Drop in Prices Spurs Demand
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Palm oil climbed to the highest level in more than a week on speculation that the biggest weekly decline since November may spur demand and as reserves in Malaysia may drop on falling output.
The contract for May delivery gained 1.4 percent to 2,433 ringgit ($784) a metric ton on the Malaysia Derivatives Exchange, the highest close for a most-active contract since Feb. 25. Futures fell 6.6 percent last week, the most since the five days ended Nov. 9, and lost 26 percent in the past year.