Palm oil heads for best weekly rally in four weeks on tight supplies

Supply worries and supportive external markets helped palm oil prices to rebound from their recent lows. — Bloomberg

SINGAPORE: Palm oil headed for its biggest weekly jump in four weeks on worries about tightening supplies in Malaysia, the world’s second-biggest producer, as well as a rally in rival soybean oil.

Futures climbed 1.3% to RM3,923 a tonne by the midday break in Kuala Lumpur yesterday, setting them on track for a gain of more than 4% this week, the most since mid-January.