KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives continued its upward momentum to close at a new all-time high, in line with the lower output and weaker ringgit.
The benchmark palm oil contract for December soared RM155 to RM4,872 a tonne.
Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa told Bernama that this marked the fourth time the benchmark month hit a record high since May 12 as the palm oil market rode on the back of lower September 2021 supplies, reflected by the Malaysian Palm Oil Association (MPOA) data released at midday yesterday.
MPOA revealed that CPO production for September 2021 declined 1.44% to 1.68 million tonnes compared to August 2021.
Sathia said the weaker ringgit also supported the higher prices and made the commodity more attractive to foreign buyers. At 6pm, the local note eased to 4.1825/1845 versus the greenback from Tuesday’s closing of 4.1785/1795. — Bernama