Palm oil price climbs to highest in more than two years

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Palm oil price climbs to highest in more than two years

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04 November,2010 09:45 pm

Palm oil futures climbed to the highest level in more than two years on speculation growth in supplies of cooking oils may fail to match the increase in demand from China, Pakistan and Europe. The January-delivery contract on the Malaysia Derivatives Exchange rose as much as 0.5 percent to 3,106 ringgit ($1,003) a metric ton and ended the morning session at 3,100 ringgit. The most-active contract closed at 3,092 ringgit yesterday, the highest level since July 24, 2008. Palm oil exports from Malaysia, the worlds second- biggest grower, have risen 6 percent in the nine months through September, while output has risen 1.6 percent to 12.7 million tons, according to the Malaysian Palm Oil Board.