Palm oil punches through RM3,500 to highest in eight years

Crude palm oil continues to show strong demand as CPO rises to RM3,500 per tonne.

NEW DELHI: Palm oil burst through RM3,500 a tonne to the strongest level in more than eight years on optimism that rising exports from Malaysia will deplete the country’s stockpiles and that stronger prices for rival soybean oil will increase the appeal of palm oil.

“It’s a rebound after the lackluster trade yesterday, ” said Sathia Varqa, owner of Palm Oil Analytics in Singapore.