InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange increased more than 2% on Tuesday (15/8/2023) after it was decreasing for three sessions. It also happened for the decreasing ringgit, increasing exports, and other vegetable oils got more expensive.

As quoted from Reuters, CPO contract reference price with the code FCPOc3 for October 2023 delivery at Bursa Malaysia Derivatives Exchange increased RM 86 or about 2,33% to be RM 3.780 (US$ 816,94) per metric ton in the early session.

The official information from Solven Extractors Association (SEA) of India in Mumbai mentioned that July 2023 palm oil imports in India increased 59% from the previous month to be 1,08 million tons. The numbers were the highest in the past seven months because the refineries took for advantages for palm oil was cheaper to multiply their supplies.

Meanwhile, ringgit got cheaper for the past four days in a row towards American dollar. It made palm oil cheaper for the buyers that got transaction in foreign currency.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 increased 1,9%, palm oil contract with the code DCPcv1 increased 1,4%. Soyoil price at Chicago Board of Trade BOcv1 did too 0,2%.

Until now palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally. (T2)