Sugar and cooking oil prices will extend a rally as dry weather from South America to Asia parches crops, said Doug King, Chief Investment Officer of the $145 million Merchant Commodity Fund. Palm oil advanced to the highest level since September 2012.
Thousands of Credit Suisse Group AG’s U.S. clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three- year probe of how the bank helped them evade taxes.
Palm oil climbed to the highest level since September 2012 on concern that a prolonged dry spell in Malaysia and Indonesia, the biggest growers, may reduce supplies of the world’s most-used cooking oil.
European Central Bank President Mario Draghi signaled that deflation risks in the euro region are easing for now after new forecasts showed that inflation will approach their target by the end of 2016.