InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange increased for the third session in a row on Friday (15/9/2023). It happened for other vegetable oil got more expensive. But many predicted, the price got cheaper in the second week.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 36 or 0,96% to be RM 3,797 (US$ 810,89) per metric ton in the early session. It decreased 1% last week.
Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 also increased 1,04%, CPO contract price with the code DCPcv1 did too 0,81%. Soyoil price at Chicago Board of Trade BOc2 increased 0,31%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Ministry of Trade decided that CPO reference price to decide out fee and tariff (levy) on 16–30 September 2023 would be US$ 798,83/metric ton (MT). The numbers gets cheaper US$ 6,37 or 0,79 percent from on 1 – 15 September 2023 that was US$ 805,20/MT. Out Fee would be US$ 33 per ton and levy would be US$ 85 per ton.
India imported 1,13 million tons of palm oil in August 2023 or escalated 3,9% from the previous month and these were the highest numbers for the last nine months, as trade agency of India noted. (T2)