Palm Oil Gains to One-Week High as China Shows Signs of Recovery
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Palm oil advanced for a second day to the highest level in almost one week after China, the world’s largest consumer of cooking oils, showed signs of recovery as industrial production and retail sales accelerated in September.
The contract for January delivery jumped 1 percent to 2,496 ringgit ($822) a metric ton on the Malaysia Derivatives Exchange in Kuala Lumpur, the highest price at close since Oct. 12. Futures have plunged 21 percent this year as stockpiles increased and a slowdown curbed demand from Europe and China.