CPO soars on bullish near-term price outlook

Lower supply: A motorcyclist rides past a palm oil tanker at a plantation in Johor. A slump in CPO production in Malaysia and Indonesia has led to a sharp drop in global palm oil supply, while the weaker ringgit increased the commodity appeal to foreign buyers. — Reuters

PETALING JAYA: The price of crude palm oil (CPO) climbed to its highest level since March, boosted by bullish near-term price outlook for the edible oil.

A slump in CPO production in Malaysia and Indonesia has led to a sharp drop in global palm oil supply, while the weaker ringgit increased the commodity appeal to foreign buyers.