Palm oil headed for its best weekly performance since November on worries over tight supplies in the second-biggest grower Malaysia. Inventories in the Southeast Asian nation likely fall almost 3% from a month earlier to 1.66 million tons in January, according to a Bloomberg survey published this week. Output slumped about 10% due to disruptions caused by heavy rains and floods, the survey showed. The Malaysian Palm Oil Board will publish its data Monday. Worries over tight supplies are supporting the market, said an analyst in Singapore. Higher vegetable oil prices in China are also helping, he said. (Source:Bloomberg)
