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CPO at Malaysia Exchange Increased RM 38 per Ton on Wednesday (16/8)

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CPO at Malaysia Exchange Increased RM 38 per Ton on Wednesday (16/8)

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased for the second session in a row on Wednesday (16/8/2023) up to the highest one for the past nine days. This was the same with the high exports in the midst of August 2023 and the decreasing ringgit (currency towards dollar).

As quoted from Reuters, CPO contract reference with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 38, or about 1% to be RM 3.843 (US$ 828,77) per metric ton during the trade, the most expensive since 7 August 2023.

According to the Regulation of Minister of Trade Indonesia, CPO reference price was cheaper to be US$ 820,35 per ton on 16 - 31 August 2023. CPO Out Fee and levy are the same with the previous period.

Surveyor Cargo, Intertek Testing Services mentioned that palm oil exports from Malaysia on 1 - 15 August increased 18,9% compared to July 2023 in the same period. While Amspec Agri reported that the exports from Malysia increased 24,2%.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 increased 0,5%, CPO contract with the code DCPcv1 did too 1,8%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,4%.

Palm oil has something to do with other vegetable oil price because they compete to get part of vegetable oil markets globally. (T2)