KUALA LUMPUR: Malaysian palm oil futures rallied more than 3% to hit a record high of 6,043 ringgit on Wednesday, helped by supply jitters amid escalating Russia-Ukraine crisis and dry weather in South America.

The benchmark palm oil contract for May delivery on the Bursa Malaysia Derivatives Exchange closed up 141 ringgit, or 2.41%, at 5,981 ringgit ($1,429.49) a tonne, extending gains for a fifth consecutive session.

The spot contract hit an all-time high of 6,530 ringgit.

Palm oil exports rising faster than its production in February, along with strong crude prices and gains in related edible oils are all supporting prices, said Sathia Varqa, co-founder of Singapore-based Palm Oil Analytics.

The Malaysian Palm Oil Association on late Tuesday estimated production during Feb. 1-20 fell 1.79% from the month before, traders said.

Palm hits record high as Ukraine crisis deepens supply fears

Investors are assessing the impact of new sanctions by the West on Russia for ordering troops into separatist regions of eastern Ukraine and threatening to go further if Moscow launched an all-out invasion of its neighbour.

Uncertainty over sunflower oil supplies due to the crisis is spurring demand for rivals palm oil and soyoil, fuelling a red-hot vegetable oil market.

Most-active Chicago soyoil contract extended a 3.6% overnight jump to record highs as traders monitor impact of dry weather on South American soybean production.

In China, Dalian's most-active soyoil contract rose 0.4%. Its palm oil contract rose 4.7%, its highest since July 2008.