Crude palm oil price strengthens after last week’s drop

In Indonesia, the price of crude palm oil on the Malaysia Derivatives Exchange gained 0.79% to a record level MYR2.160 / ton in Monday’s trading, thereby eliminating the weakening for 5 consecutive days the week before which had seen a drop of 3.55%.

Strengthening world oil prices as well as rising soybean oil prices helped, as well as the appreciation of the Malaysian ringgit exchange rate, according to CNBC Indonesia. Crude palm oil is often influenced by other vegetable oil prices globally. When oil prices increase, biofuel becomes more economical, thereby helping crude palm oil prices as well.