Palm oil surges to RM4,524, joins global farm boom

Crude palm oil rallies to all-time high.

KUALA LUMPUR: Palm oil is the latest product to be swept up in the global commodity rally, deepening concerns about food inflation that’s already at the highest in seven years.

The world’s most consumed edible oil, used in everything from chocolate to lipstick and soap, saw the third-month contract surge by RM174 to RM4,524 a tonne at 12.30pm on Wednesday, in Kuala Lumpur. This was the highest level on record.