Palm oil extends rally on Indonesia’s plan for higher biodiesel rates
Malaysian palm oil futures extended gains to a fifth consecutive session on Tuesday, its longest rally in six weeks, amid top producer Indonesia’s plans to raise biodiesel blending rates.
The benchmark palm oil contract FCPOc3 for November delivery on the Bursa Malaysia Derivatives Exchange rose 47 ringgit, or 1.2%, to 3,971 ringgit ($912.03) a metric ton as of 0256 GMT, hovering near the one-month high hit in the previous session.
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