InfoSAWIT, JAKARTA - Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange was increasing in the opening session on Monday (11/9/2023) after it was decreasing. It happened for soyoil price got increased at Dalian Exchange and Chicago Board of Trade.

As quoted from Reuters, CPO reference price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 10 or 0,26% to be RM 3,840 (US$ 821,92) per metric ton in the early session.

It means CPO contract price decreased 5,20% last week.

Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 increased 1,16%, CPO contract price with the code DCPcv1 increased 1,14%. Soyoil price at Chicago Board of Trade BOcv1 did too 0,73%.

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

Quoting from Cargo Surveyor - Intertek Testing Services, Malaysia’s palm oil exports on 1 - 10 September 2023 decreased 11,2% to be 350.823 tons compared to August in the same period that reached 395.145 tons.

As quoted from Bloomberg, palm oil imports in India could be increasing 26% to the highest record in 2022/23 which would end on 31 October. The import delivery in 2022/23 which ends on 31 October would be 10 million tons, surpass the previous highest numbers which reached 9,5 million tons in 2014/15. (T2)