Commodities
Palm Oil Rises on Jump in Soy Oil, Signs of Weak Malaysia Output
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Palm oil climbed as rival soybean oil rebounded in Chicago, while an estimate of lower output in parts of second-largest producer Malaysia also helped support prices.
The recent jump in soybean oil futures has given support to prices of the tropical oil, said Abdul Hameed, director of sales at Manzoor Trading in Pakistan. Still, futures of soybean oil, palm’s closest substitute for food and fuel, resumed a decline after closing at 2.3% higher on Wednesday in Chicago.