PETALING JAYA: Local spot crude palm oil (CPO) price could likely hit the RM5,000 per tonne mark in the near term, given the current powerful rally on the global commodities markets, says Malaysian Palm Oil Board (MPOB) director-general Dr Ahmad Parveez Ghulam Kadir.
On May 7, the physical CPO price recorded its best performance in the history of Malaysian palm oil sector. The commodity surged to RM4,758.50 per tonne after hitting an intraday high of RM4,800 per tonne and a low of RM4,640 per tonne.
The price recorded on May 7 also surpassed nine previous peaks of RM4,247 per tonne on March 15, RM4,270 per tonne on April 9, RM4,306.50 per tonne on April 21, RM4,376.50 on April 22, RM4,428.50 per tonne on April 23, RM4,502 per tonne on May 3, RM4,525.50 per tonne on May 4, RM4,548.50 per tonne on May 5 and RM4,652 per tonne on May 6.
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