Palm climbs sharply on Indonesian biofuel subsidy

The Indonesian governments plan to nearly triple biodiesel subsidies overcame its final parliamentary hurdle Friday, with the subsidies likely to go into effect next month.

The subsidy increases from 1,500 rupiah (12 cents per liter) to 4,000 rupiah (32 cents per liter) and is designed to alleviate growing domestic supply, which faces stiff international competition in an overstocked global oilseed market, as…