What record high did crude palm oil price reach in November 2021?

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Crude Palm Oil Price Reached a Record High of RM5,404 per Tonne in November 2021

In November 2021, the price of crude palm oil (CPO) achieved a historic peak, reaching RM5,404 per tonne on November 3. This surge contributed significantly to the oil palm industry's expected export value for the year. Despite challenges, the sector anticipates a substantial RM100 billion in export value for 2021.
CPO Price Surged Significantly in Early 2021

The average price of CPO from January to October 2021 demonstrated a remarkable increase, standing at RM4,276.50 per tonne. This represents a 65 per cent jump compared to the RM2,583.50 achieved during the same period in the preceding year. This sustained high pricing has been a key driver of export revenue.
Labour Shortage Impacted Potential Export Value

The oil palm industry experienced a RM20 billion shortfall in its potential export value for 2021. This deficit was primarily attributed to a significant labour shortage, exacerbated by a freeze on new foreign worker intake, and a subsequent reduction in overall palm oil output.
Efforts Underway to Address Labour Dependency Through Technology

The Mechanisation and Automation Research Consortium of Oil Palm (Marcop) was established with an allocation of RM60 million. This consortium aims to drive research and commercialisation of agricultural mechanisation technologies. Marcop's objective is to develop and implement solutions, including drones, robots, and sensors, to reduce the industry's reliance on manual labour, particularly in harvesting, by 2024.

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What record high did crude palm oil price reach in November 2021?

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