Palm oil on track for best year in a decade

KUALA LUMPUR: The rally in the crude palm oil (CPO) market continued, with the benchmark futures contract on Bursa Derivatives racing to a new high since February 2017.

Bloomberg reported that growing worries about production disruptions and brighter outlook for its biofuel use are keeping the world's most-consumed cooking oil on track for the best year in a decade.

The third month CPO futures contract on Bursa Derivatives added RM67, or 2.2% to RM3,072 a tonne after estimates by the Malaysian Palm Oil Association showed output in Malaysia dropped 16.4% during Dec 1-20 from a month earlier.