PETALING JAYA: Plantation Industries and Commodities Minister Khairuddin Aman Razali has lauded the high price set in the daily Malaysia price for crude palm oil (CPO) as listed by the Malaysian Palm Oil Board (MPOB).
He took to Facebook today to express his gratitude for the “achievement”, which is the highest in almost four years.
The daily Malaysia price for CPO yesterday breached the RM3,300 mark for the first time since February 2017. The price of CPO stood at RM3,304. One would have to go another five years back to May 2012 to find the price reach similar heights.
“The CPO price continues to rise,” he said, calling for Malaysians to give thanks and adding that “palm oil is a gift from God”.
Meanwhile, Bernama reported that the CPO futures contract on Bursa Malaysia Derivatives closed higher today, as market sentiment remains bullish on expectation of lower stockpile in the country.
CGS-CIMB Futures said the palm oil futures price surged to the highest level in more than six weeks, rebounding from four days of losses, on prospects of lower supplies and higher exports from Malaysia, the second-largest producer.
At the close, the CPO futures contract for November 2020 increased RM37 to RM3,390 per tonne, December 2020 surged RM67 to RM3,307 per tonne, January 2021 rose RM27 to RM3,097 per tonne, and February 2021 inched up RM15 to RM2,995 per tonne.
