Palm oil jumped 2.6 percent to the highest in more
than seven months for the best annual performance
in 12 years on anticipation demand will increase
from India, the second-biggest consumer. Palm oil,
which has more than doubled in the last decade,
has rallied 57 percent this year on rising demand
from India and China, the biggest user. Tight
supplies of soybean oil earlier this year due to
drought damage in South America have also fueled
price gains. “Demand is expected to be quite
strong, especially from India, now that the soybean
harvesting is done and yields are not improving,”
Ben Santoso, an analyst at DBS Vickers Securities
(Singapore) Pte., said by phone from Singa- pore.
“On top of that, Chinese demand is still quite
strong.” (BLOOMBERG)
than seven months for the best annual performance
in 12 years on anticipation demand will increase
from India, the second-biggest consumer. Palm oil,
which has more than doubled in the last decade,
has rallied 57 percent this year on rising demand
from India and China, the biggest user. Tight
supplies of soybean oil earlier this year due to
drought damage in South America have also fueled
price gains. “Demand is expected to be quite
strong, especially from India, now that the soybean
harvesting is done and yields are not improving,”
Ben Santoso, an analyst at DBS Vickers Securities
(Singapore) Pte., said by phone from Singa- pore.
“On top of that, Chinese demand is still quite
strong.” (BLOOMBERG)
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