THE spot price of crude palm oil (CPO), which traded above RM1,900 per tonne yesterday, is expected to hit the “magic figure'' of RM2,000 very soon, going by the commodity's continued bullish performance.
The strong CPO price run-up is mainly supported by the rally in soya complex prices on the Chicago Board of Trade, which have hit a 5-1/2-year high, and the US$160 per tonne discount at which CPO is currently trading against soya bean on the exchange.
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