Palm oil breaks trend, heads towards RM3,000 per tonne

KUALA LUMPUR: After more than two years of falling prices, the outlook for the crude palm oil (CPO) market has improved, with a breakout in prices from the RM2,500-per-tonne level on the back of harsh weather conditions that have resulted in lower output from major plantations in Malaysia and Indonesia.

Experts predict with a greater degree of certainty that CPO is likely to hit RM3,000 per tonne, a level last traded in September 2012.