KUALA LUMPUR (March 2): The surge in crude palm oil (CPO) price is closely connected to the price hike in Brent crude as a result of the Russian invasion of Ukraine and the production limit set by the Organisation of the Petroleum Exporting Countries (Opec), according to the Malaysian Palm Oil Board (MPOB).
On March 1, the preliminary daily CPO price recorded a new historical peak at RM7,600 per tonne with the highest and lowest traded contract at RM7,700 per tonne and RM7,500 per tonne respectively.