InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange was higher on the floor on Wednesday (27/9/2023). It happened for the increasing other vegetable oil 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 increased RM 19 per ton or 0,51% to be 3,711 ringgit (US$ 788,90) per metric ton in the early trade.
Soyoil contract price at Dalian with the code DBYcv1 increased 0,35%, CPO contract price with the code DCPcv1 also increased 0,36%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,21%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.
Ringgit currency or MYR, the official currency in palm oil trade decreased towards US dollar and made palm oil more interesting for those that traded in foreign currency.
Refinitiv Commodities Research mentioned, the bad dry season would be happening in October in Indonesia as the biggest palm oil producer in the world.
Reuters technical analyst, Wang Tao said, palm oil could be at RM 3,636 up to RM 3,650 per metric ton while the lowest limit could be at RM 3,561 per ton. (T2)
