Palm Oil Gains as Crude Oil Advances, Increasing Biofuel Appeal
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Palm oil climbed to the highest level in more than two weeks as crude oil rose on concern that Middle East unrest will disrupt supplies, increasing the appeal of vegetable oils as biofuel feedstock.
The contract for February delivery advanced 1.2 percent to 2,459 ringgit ($803) a metric ton on the Malaysia Derivatives Exchange, the highest price at close for the most-active contract since Nov. 2. Futures climbed 3.5 percent last week, the first such gain since the five days ended Oct. 26.