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By Nurul Hanis Izmir
KUALA LUMPUR, April 22 -- Malaysia’s crude palm oil (CPO) price stood at RM4,306.50 per tonne on April 21, surpassing the previous peak of RM4,270 per tonne recorded on April 9, 2021, the Malaysian Palm Oil Board (MPOB) said.
Director-general Dr Ahmad Parveez Ghulam Kadir said CPO price continued to be on an uptrend due to depleting stocks.
“Even though the inventory had increased a little in March, our exports are improving and production is not increasing as expected due to labour shortage in the industry,” he told Bernama.
Ahmad Parveez said the rise in soybean price was also seen as an important factor driving the CPO price upwards.
According to MPOB’s monthly data which is released every 10th day of the month, Malaysia’s CPO stocks increased in March 2021, growing by 12.37 per cent to 742,742 tonnes from 660,987 tonnes the previous month.
Processed palm oil stocks also improved 9.02 per cent month-on-month (m-o-m) to 703,228 tonnes from 645,035 tonnes while total palm oil stocks rose 10.72 per cent m-o-m to 1.45 million tonnes from 1.31 million tonnes previously.
MPOB said CPO production expanded 28.43 per cent to 1.42 million tonnes in March versus 1.11 million tonnes in February.