Palm Oil Climbs as Crude Above $100 Increases Demand for Biofuel
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Palm oil gained for the first time in six days after West Texas Intermediate crude surged above $100 a barrel for the first time since September, boosting demand for vegetable oils as biofuel feedstock.
The contract for September delivery advanced 1.1 percent to close at 2,365 ringgit ($741) a metric ton on the Bursa Malaysia Derivatives. Futures yesterday closed at the lowest price for the most active futures since May 21. Palm for local physical delivery in July was at 2,360 ringgit, data compiled by Bloomberg show.