Palm Oil Enters Bull Market on Best Weekly Gain in Three Years
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Palm oil advanced, sending futures into a bull market and capping the biggest weekly gain in almost three years, on speculation that rain may have reduced production in top suppliers Indonesia and Malaysia.
Futures rose 1.2 percent to 2,623 ringgit ($827) a metric ton on the Bursa Malaysia Derivatives, the highest close since September 2012. That’s 21 percent more than the 2,167 ringgit settlement on July 29, meeting the common definition of a bull market. Palm increased 7.3 percent this week, the most since 2010, and is heading for its first annual gain in three years.