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KUALA LUMPUR: Malaysian palm oil futures vaulted over 7% to an all-time peak on Tuesday, as the shutting of Ukrainian ports following Russia’s invasion disrupted supply and raised prospects of sunoil demand from the Black Sea shifting to the tropical oil.

Ports in Ukraine will remain closed until the invasion ends, the head of Ukraine’s Maritime Administration said, adding that the port of Mariupol has sustained damage from Russian shelling.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange gained 450 ringgit, or 7.14%, to a record 6,749 ringgit ($1,610.36), rising for a eighth in nine sessions.

The spot contract soared 9.65% to a record 8,170 ringgit ($1,949.42).

Palm prices rallied banking on higher export prospects after Black Sea shipping route was closed, Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

Palm oil has become the costliest among the four major edible oils for the first time as buyers rush to secure replacements for sunflower oil shipments from the top exporting Black Sea region.

The Black Sea accounts for 60% of world sunflower oil output and 76% of exports.

“Palm is expected to make-up for the shortfall, but palm is running on a very tight supply and peak production is months away,” Varqa said.

Dalian’s most-active soyoil contract rallied 5.2%, while its palm oil contract gained 5.5%. Soyoil prices on the Chicago Board of Trade were up 4.2%.

Rise in related edible oil prices triggered by Black Sea disruption will sustain palm prices until there is some sort of settlement to the Russia-Ukraine crisis, Varqa added.

Malaysia’s palm oil exports in February rose between 7.2% and 9.6% from January, cargo surveyors said on Monday.

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