KUALA LUMPUR (Jan 21): Palm oil prices continued to edge lower yesterday, as concerns about lower demand for the edible oil following lower export data outweigh worries about weaker supply amid torrential rains that have triggered floods in key growth areas in Malaysia.
Crude Palm Oil (CPO) contract for April delivery on Bursa Malaysia Derivatives sank RM42 to RM3,225 yesterday. It is now down RM508 or 13.61% from its one year peak of RM3,733 a tonne on Jan 6. The contract has declined by 365 or 10.17% from the RM3,590 registered on Jan 4, the first trading day of 2021.
Earlier this month, CPO futures breached the RM4,000 mark for the first time since 2008. The previous all-time high for CPO futures was RM4,321 per tonne, recorded in March 2008, based on Bloomberg data.