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Malaysia's CPO price rises to RM7,000 a tonne for first time as Russia invades Ukraine

KUALA LUMPUR (Feb 24): Malaysian crude palm oil (CPO) prices jumped past RM7,000 a tonne for the first time on Thursday (Feb 24) as investors weighed the impact of the invasion of Ukraine by Russia on global commodity markets where crude oil prices topped US$100 (about RM420.10) a barrel for the first time since 2014 as the Russia-Ukraine conflict escalated.

At 4.33pm on Bursa Malaysia, the CPO price for March 2022 had risen RM494 to an all-time high of RM7,000 a tonne.

In theory, CPO prices have been observed to track crude oil prices as costlier crude oil generates anticipation of higher demand for CPO to produce biodiesel.

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