"They are taking advantage. There is plenty of palm oil in Malaysia and Indonesia, and looking at the Malaysian Palm Oil Board website, Malaysia has at least 1.7 million metric tonnes and Indonesia 3.5 million metric tonnes in the month of September.
According to him, everything that goes up will have to come down so the bubble is going to burst at any time. On Wednesday, local CPO futures rallied to a new all-time high of RM5,071 per tonne for the January 2022 benchmark contract due to concerns over weak production in the coming weeks as well as solid gains in soybean oil on the Chicago Board of Trade and the crude oil market.
On a Friday-to-Friday basis, November 2021 increased RM89 to RM5,188 a tonne, and December 2021 gained RM75 to RM5,036 a tonne.
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