Palm Oil Climbs on Stronger Soyoil and Improved Demand Outlook

Palm oil advanced on higher prices of rival soybean oil and expectations of an increase in demand from top buyers India and China.

Futures for July delivery climbed as much as 2.2% to 6,479 ringgit ($1,475) a ton, before closing at 6,363 ringgit, taking this year’s gains to 35%. Soybean oil and petroleum also rose. Higher energy prices tend to boost the tropical oil’s biofuel appeal.