Asian palm oil at fresh two-year high

Asian palm oil at fresh two-year high

Asian palm oil at fresh two-year high

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KUALA LUMPUR (Dec 27): Palm-oil prices continue to rally, hitting new two-year highs as lower production data fuel fears of a supply shortage, say traders. 

On the Chicago Board of Trade, prices of rival soybean oil rose to their highest levels since June 2018 on investor optimism over the "phase one" U.S.-China trade deal and support from more-expensive crude palm oil, says Sathia Varqa, co-founder of Palm Oil Analytics. 

The benchmark palm-oil contract for March delivery on the Bursa Malaysia Derivatives Exchange rises RM22 to RM3,027 a metric ton.