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Palm Exceeds 2,700 Ringgit for First Time Since September 2012

Palm climbed above 2,700 ringgit ($817) for the first time in 17 months on speculation that Indonesia will use more of the oil to make biodiesel and that exports from Malaysia will extend gains.

Palm oil for May delivery advanced 1.3 percent to 2,716 ringgit a metric ton on the Bursa Malaysia Derivatives, the highest price at close for a most-active contract since September 2012. Futures have risen 27 percent from a three-year low of 2,137 ringgit in July.