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.
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.
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