KUALA LUMPUR: The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed at an all-time high yesterday, mainly driven by tight supplies and strong demand from China.
The benchmark palm oil contract for December 2021 surged RM155 to RM4,738 a tonne.
Trader David Ng said the rising demand from China, which is currently in the midst of an energy supply crisis, may increase the intake of palm oil for biofuel. “The robust crude oil prices also lifted sentiment in the market,” he told Bernama.
At press time, benchmark Brent crude rose 1.21% to US$82.33 (RM344.04) per barrel.
At the close, the CPO futures contract for October 2021 strengthened RM137 to RM4,975 a tonne, November 2021 surged RM163 to RM4,855 a tonne, January 2022 increased RM149 to RM4,646 a tonne, February 2022 and March 2022 edged up RM154 to RM4,558 and RM4,465 a tonne, respectively. — Bernama