KUALA LUMPUR: Palm oil posted its biggest annual gain in five years as the strongest El Nino in almost two decades parches crops in South-East Asia and trims record stockpiles of the commodity used in food and biofuel.
Prices rose 9.7% this year, the first annual rise since 2013 and the most since 2010. Futures for March delivery on Bursa Malaysia Derivatives rallied to an 18-month high yesterday before closing 0.4% lower at RM2,485 in Kuala Lumpur. Prices surged 6% this month and 4.6% this quarter.
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