KUALA LUMPUR: Malaysia’s crude palm oil (CPO) price has risen 12.03 per cent in just two months since March 15, said Malaysian Palm Oil Board (MPOB).
MPOB director general Dr Ahmad Parveez Ghulam Kadir said CPO had recorded its best performance in the history of Malaysian palm oil when it surged to RM4,758.50 per tonne on May 7, after hitting an intraday high of RM4,800 per tonne and low of RM4,640 per tonne.
Ahmad Parveez said the price recorded on May 7 had surpassed its previous peak of RM4,652 per tonne on May 6.
“On March 15, 2021 the CPO breached RM4,247.50 per tonne, it’s all-time high in the history of Malaysian palm oil industry. YOU MAY ALSO LIKE
“The bullish performance of the CPO price was attributed to the increase in the price of soybean oil, rising exports of palm oil and palm oil stock that remain manageable,” he said.
Ahmad Parveez said Malaysia’s palm oil exports had increased 12.6 per cent to 1.34 million tonnes in April from 1.19 million tonnes in March due to rising demand from the main importing countries.
Palm oil stock decreased 24.4 per cent to 1.55 million tonnes in April from 2.04 million tonnes in April 2020.
“This is because the production of CPO for January to April 2021 was six per cent lower compared to that of January to April 2020, which was 5.18 million tonnes compared with 5.51 million tonnes,” he added.
Source : New Straits Times