InfoSAWIT, JAKARTA – Crude palm oil (CPO) at Malaysia Derivatives Exchange got its decreasing weekly price for the first time in the past four weeks because it got cheaper and cheaper on Friday (8/9/2023) because other vegetable oils got cheaper and the estimation that the higher production would be by the late of August 2023.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange got cheaper RM 46 or 1,2% to be RM 3.786 (US$ 810,01) per metric ton in the early trade and became the lowest price for the past four weeks.
CPO contract price got decreasing 6,3% in a week and it was the fifth session in a row.
Senior at Fastmarkets Palm Oil Analytics, Sathia Varqa said the exchange got massive liquidation in this week because trade dynamic was in the same time when other vegetable oils got cheaper. “In addition, there is a projection that palm oil production in August would be more than the decreasing exports, namely heading to the release by Malaysian Palm Oil Board (MPOB),” Sathia Varqa said.
Soyoil harvest in Argentina in 2023/24 could be reaching 50 million metric tons or the highest in the past five years, and increased from 21 million tons from the previous harvest. This happened for El Nino that would make rain fall in the region.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,58%, CPO contract with the code DCPcv1 did too 1,52%. Soyoil price at Chicago Board of Trade BOcv1 did decrease 0,56%. (T2)