HARGA KELAPA SAWIT NAIK

Palm oil price rises above RM3,400 – a record
By HANIM ADNAN

PETALING JAYA: Crude palm oil (CPO) futures on Malaysia Derivatives Exchange hit a new record of above RM3,400 per tonne yesterday on supply concern amid surging world demand for food and biodiesel consumption.

The CPO March delivery rose RM134 to RM3,414 after hitting a high of RM3,420 from last Friday's record of RM3,280.

A trader said: “It will be interesting to see if CPO can hit RM3,500 per tonne tomorrow given current bullish overseas factors.”

The local market sentiment was well supported by rallies on both soybean and soymeal futures in China yesterday following soybean futures on the Chicago Board of Trade hitting a record of US$13.14 per bushel after the US Department of Agriculture reported that global production would fall as demand increased for animal feed, vegetable oil and fuel made from crops. more...