Palm Oil Rallies Most in Eight Months as Weather Hurts Soybeans
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Palm oil advanced by the most in eight months on concern that the soybean crop in the U.S., the largest grower of the oilseed that’s crushed to make an alternative oil, may be smaller-than-forecast on dry weather.
The contract for November delivery climbed 2.8 percent to 2,433 ringgit ($735) a metric ton on the Bursa Malaysia Derivatives, the biggest gain for the most-active futures since Dec. 21. Prices rose 2.5 percent last week after a 4.6 percent advance in the previous five-day period.