CPO seen hitting RM5,000 mark soon

Ahmad Parveez (pic) told StarBiz that the spot CPO prices could hit the RM5,000 per tonne mark, which closely tracked the performance of the soybean oil prices (SBO) that is also on the uptrend currently.

PETALING JAYA: Local spot crude palm oil (CPO) price could likely hit the RM5,000 per tonne mark in the near term, given the current powerful rally on the global commodities markets, says Malaysian Palm Oil Board (MPOB) director-general Dr Ahmad Parveez Ghulam Kadir.

On May 7, the physical CPO price recorded its best performance in the history of Malaysian palm oil sector. The commodity surged to RM4,758.50 per tonne after hitting an intraday high of RM4,800 per tonne and a low of RM4,640 per tonne.