THE price of crude palm oil (CPO) traded RM50 to RM58 higher in the morning yesterday one of the highest gains in single-day trade this year triggering traders' hopes of a short-term bull run chasing prices to above RM1,500 a tonne.
Both Malaysia Derivatives Exchange (MDEX) and the spot-cash market, which was closed for two public holidays in midweek, saw prices surging strongly, taking their lead from the overnight Chicago Board of Trade, where prices firmed on India's move on Wednesday to cut the base import price of palm oil and crude soybean oil, which are used to calculate tariffs.