Palm oil scales record high on reduced Indonesia supply outlook

A worker harvests oil palm fruits, used to produce palm oil, at a plantation in Kutamakmur, Aceh on September 24, 2021. - AFP

JAKARTA/KUALA LUMPUR, Jan 31 (Reuters): Malaysian palm oil futures briefly touched a record high of 5,700 ringgit per tonne in early trade on Monday before encountering light profit-taking, as traders tried to factor in reduced supplies from top producer and exporter Indonesia.

The benchmark palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange ended the pre-Lunar New Year holiday half-day trading session down 0.73% at 5,587 ringgit ($1,331.19) per tonne. The Bursa will remain closed until Feb. 3.