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Palm climbs over 3% on firmer soyoil, softer stock build
KUALA LUMPUR: Malaysian palm oil futures surged more than 3% on Wednesday, snapping six sessions of losses, as firmer soyoil and key industry data that showed stocks rose less than expected lifted the market. The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange gained 151 ringgit, or 3.55%, to 4,407 ringgit ($1,082.27) a metric ton at the close. The market rallied after stronger overnight soybean oil prices and a smaller-than-expected buildup in Malaysian inventories following the latest Malaysian Palm Oil Board report, said David Ng, a proprietary tr...
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