Palm Oil Ends at New Record High on Growing Concern Over Supply
Workers load harvested palm oil fruit in Kapar, Selangor, Malaysia, on Jan. 11.
Photographer: Samsul Said/BloombergThis article is for subscribers only.
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.