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CPO at Malaysia Exchange Got Cheaper RM 36 Per Ton on Thursday

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CPO at Malaysia Exchange Got Cheaper RM 36 Per Ton on Thursday

InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivative Exchange got cheaper for the fourth session in a row, Thursday, (7/9/2023) because other vegetable oils got cheaper and the worry of release – to go about August 2023 palm oil supply and demands by Malaysian Palm Oil Board (MPOB).

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange got cheaper RM 36 or about 0,93% to be RM 3,845 (US$ 822,64) per metric ton in the midday.

Palm oil supply in Malaysia by the late of August 2023 could be increasing to the highest level for the past six months to be about 1,89 million tons because of the increasing production and slow exports, as Reuters did survey.

MPOB would release August 2023 supply and demand on 11 September 2023.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,78%, CPO contract price with the code DCPcv1 did too 2,09%. Soyoil price at Chicago Board of Trade BOcv1 did decrease 0,5%.

Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally.

Palm oil imports in India could be increasing 26% yo the highest record for this year that would end on 31 October 2023 because the consumption starts recovering and competitive price encouraged the company (distillery) to escalate their purchase.

The increasing palm oil purchase in India which is the biggest palm oil importer in the world would help to reduce the supply in producer countries and could make it more expensive in the trade. (T2)