InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange got more expensive on Monday (25/9/2023) morning trade. It followed the expensive other vegetable oils at Dalian Exchange and the decreasing ringgit currency.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for December 2023 delivery at Malaysia Derivatives Exchange escalated RM 27 per ton, or 0,73% to be RM 3,708 (US$ 791,80) per metric ton in the early trade. For the last one week, CPO contract price got cheaper 2,75%.
Soyoil contract price at Dalian with the code DBYcv1 escalated 1,14%, CPO contract price with the code DCPcv1 did too 1,27%. Soyooil price at Chicago Board of Trade BOcv1 got cheaper 0,4%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Cargo surveyor - Intertek Testing Services noted that palm oil exports from Malaysia on 1 - 20 September escalated 2,4% compared to August 2023 in the same period. Independent inspection company - AmSpec Agri Malaysia mentioned palm oil exports in the same period increased 1,8%.
Currency of ringgit Malaysia or MYR, as the official one got cheaper towards US dollar and made palm oil more interesting for those who have foreign currency.
Refinitv Commodities Research predicted the bad dry season would happen in October 2023 in Indonesia as the biggest palm oil producer in the world. (T2)