KUALA LUMPUR: Palm oil futures posted their biggest advance in more than eight months on expectations for a revival in exports amid tight supplies of the world’s most-consumed cooking oil.
Prices surged 4.6% to close at RM3,720 a tonne, after falling on Thursday.
Palm, used in everything from chocolate to soap, has advanced in six of the past seven sessions. It’s up 6.6% this month, after falling 3.1% in January. The market was closed on Friday for a holiday.
Exports are better in February, said Rajesh Modi, a trader at Sprint Exim Pte Ltd in Singapore. “Chinese buying is also expected to come in after the holidays.” — Bloomberg