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Crude palm oil continues to show strong demand as CPO rises to RM3,500 per tonne. NEW DELHI: Palm oil burst through RM3,500 a tonne to the strongest level in more than eight years on optimism that rising exports from Malaysia will deplete the country’s stockpiles and that stronger prices for rival soybean oil will increase the appeal of palm oil. “It’s a rebound after the lackluster trade yesterday, ” said Sathia Varqa, owner of Palm Oil Analytics in Singapore. “Prices regained their footing from a better export outlook for December and lower output. Higher prices for Dalian and Chi...

CRUDE palm oil (CPO) prices have been rising this year to attain an eight-year high despite the Covid-19 pandemic, suggesting brighter prospects for the plantation sector. The most active CPO futures contract closed at RM3,437 last Friday. It had climbed to RM3,489 on Nov 19 after falling to a year-low of RM1,946 in May. Since then, prices have risen higher. Spot prices breached the RM3,500 benchmark on Nov 19, rebounding from the low of RM2,030.50 on May 14, 2020. MIDF Research Analyst Khoo Zhen Ye says the current rally in CPO prices has been premised on lower supply, as palm oil inventory ...