In a statement, director-general Ahmad Parveez Ghulam Kadir said the CPO’s bullish performance was attributed to the increase in the price of soybean oil, as well as rising palm oil exports while palm oil stock that remains manageable.

He said CPO recorded its best performance in the history of Malaysian palm oil on May 7, when it surged to RM4,758.50 per tonne.

The price recorded on May 7 surpassed nine previous peaks – RM4,247.50 per tonne (March 15), RM4,270 per tonne (April 9), RM4,306.50 per tonne (April 21), RM4,376.50 (April 22), RM4,428.50 per tonne (April 23), RM4,502 per tonne (May 3), RM4,525.50 per tonne (May 4), RM4,548.50 per tonne (May 5), and RM4,652 per tonne (May 6).

Parveez added that exports of Malaysian palm oil have increased by 12.6% to 1.34 million tonnes in April from 1.19 million tonnes in March, due to rising demand from the main importing countries.

Meanwhile, palm oil stock decreased 24.4% to 1.55 million tonnes in April from 2.04 million tonnes in April.

“This is because CPO production for January – April was 6% lower at 5.18 million tonnes compared with 5.51 million tonnes in January – April 2020,” he said.