Palm Oil Prices Jump to New Record on Dwindling Production in Malaysia - Bloomberg

Palm oil climbed to a fresh record high on persisting concerns over supplies in top growers Indonesia and Malaysia and a rally in rival soybean oil.

Futures for April delivery jumped 2.6% to close at 5,322 ringgit ($1,272) a ton in Kuala Lumpur, posting a fifth straight week of gains and taking its weekly advance to 7.4%. Soybean oil, palm’s closest substitute for food and fuel, increased for a fifth day in Chicago.

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Palm Oil Prices Jump to New Record on Dwindling Production in Malaysia - Bloomberg
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