The benchmark third-month CPO contract finished RM129 or 3.32% higher at RM4,018 a tonne, according to
Bloomberg.
This is the third time this year that the price had breached the RM4,000 mark. It rose to RM4,017 on Jan 6, and subsequently hit RM4,034 on Feb 25.
The all-time high price for CPO futures is RM4,321, registered in March 2008, based on available data on
Bloomberg.
CPO prices which had been on an uptrend, pulled back between Feb 25 and March 2. On March 2, the contract settled at RM3,816, down RM218 or 5.40% from the Feb 25 close of RM4,034.
However, the commodity resumed its rally over the last four trading days.