Record palm oil prices

May futures contracts rose as much as 4 percent in Kuala Lumpur to an all-time high at 6,553 ringgit ($1,562) a tonne.

Chandran Sinnasamy, a trader at CGS-IMB Futures in Kuala Lumpur, said: "There is no sign of reconciliation yet in the ongoing conflict in Ukraine. Palm oil prices are also increasing with the expectation of high demand, especially in March-April shipments. However, excessively high prices will cause demand to decrease at some point. Markets will be cautious against high volatility in both directions."

The occupation of Ukraine by Russia led to a rise in many commodities, from oil to wheat. Although the USA and Europe do not implement direct sanctions targeting commodities against Russia, the banks' abandonment of financing and the increase in transportation costs make the trade of these products difficult and trigger an increase in prices.

Soybean prices for May delivery on the Chicago Stock Exchange also rose 2.5 percent.