KUALA LUMPUR: Malaysian crude palm oil (CPO) has become the most expensive vegetable oil as the Russia-Ukraine conflict put a stop to sunflower oil shipments from the Black Sea region.

       The spot-month CPO futures contract on Bursa Malaysia palm oil futures Malaysia Derivatives topped RM8,000 per tonne yesterday, while the benchmark May 2022 contract was seen trading at RM6,553 at one point, yesterday.

       Mumbai-based Sunvin Group’s commodity research head Anilkumar Bagani said it seems that there is no end to the bullish momentum in palm oil amid the Russia-Ukraine conflict, tighter soybean oil and rapeseed oil supplies globally, as well as Indonesia’s domestic market obligation policy that requires it to keep 20% of its palm oil exports for domestic use. — Bernama