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.