Palm Oil Climbs as Demand Seen Rebounding on Biofuel, Food Use
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Palm oil advanced on speculation that demand may rebound this half as gains in crude oil boost the use of vegetable oils as biofuel feedstock.
The contract for delivery in October gained 0.7 percent to close at 2,272 ringgit ($715) a metric ton on the Bursa Malaysia Derivatives. Futures lost 5.4 in the past two weeks, extending losses in the past year to 24 percent. Palm for local physical delivery in August was at 2,335 ringgit, data compiled by Bloomberg show.