CPO Price at Malaysia Exchange Got Cheaper Because of Profit Taking

CPO Price at Malaysia Exchange Got Cheaper Because of Profit Taking

InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Deriviatives Exchange was positive and would be getting better in week though it got cheaper because of profit taking heading to Chinese New Year holiday.

As quoted from Reuters, CPO reference contract at FCPOc3 for April 2023 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 19 per ton or about 0,49%, to be RM 3.870 (US$ 902,10) per ton in the early session. The contract raised about 0,9% in this week.

From the polling by Reuters, CPO price of Malaysia would be cheaper in 2023 to be about RM 3.800 per ton in average or decreasing 23% from last year when the country recovers its production but would be remaining to be better than pre-pandemic price because Indonesia limits the supply to the globe.

Surveyor Cargo reported that Malaysia’s palm oil exports on 1 - 15 January decreased 28% to 37% from the same period in December 2022 because the exports to India and China also decreased.

Still from Reuters, soyoil contract at DBYcv1 in Dalian increased 0,62%, CPO contract at DCPcv1 did increase 0,43%. Soyoil price Chicago Board of Trade BOc2 also increased 0,41%.

Palm oil has something to do with other vegetable oil price because they compete to get parts of vegetable oil market in the world.

For information, financial markets in Malaysia would not operate on 23 and 24 January for Chinese New Year holiday. The markets would be running on Wednesday (25/1/2023). (T2)