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KUALA LUMPUR (Jan 6): Crude palm oil (CPO) futures contract, which has been on a rally, hit its highest level in nearly 12 years today, amid concerns heavy rains will hurt output and curb supplies in Malaysia, which in turn would further trim stockpiles.
The one-month CPO futures contract, deliverable for February 2021, was trading at RM4,017 per tonne today the first time CPO prices have breached the RM4,000-mark since the commodity boom in early 2008.
The previous all-time high for CPO futures was at RM4,321 per tonne back in March 2008, based on available data on Bloomberg.
According to Bursa Malaysia Derivatives, the CPO futures contract for March 2021 was RM122 higher at RM3,877 per tonne, while for April 2021, it was up RM118 at RM3,733 per tonne.