InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got cheaper and extended the loss for the second time in a row on Monday (2/20/2023) because soyoil got decreased at Chicago Board of Trade.
As quoted from Reuters, CPO contract price decreased 6,06% month on month in September after the previous two months, it increased.
Dalian Exchange, China was in holidays since on 29 September – 6 October 2023 because of mid - autumn festival as national holidays. Soyoil price at Chicago Board of Trade BOc2 also decreased 0,32%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Independent inspection company - AmSpec Agri Malaysia and cargo surveyor - Intertek Testing Services reported that palm oil exports from Malaysia in September 2023 could be increasing between 5,4% and 8,1%, .
According to the official information from Ministry of Trade Indonesian Republic, the Government of Indonesia escalated CPO reference price to be US$ 827,37 per ton on 1 - 15 October 2023 but CPO out fee (OF) and levy have not change from the previous period which are US$ 33 per ton for OF and CPO levy would be US$ 85 per ton.
Analysts mentioned, CPO in Malaysia could be sold at between RM 3.700 to RM 4.500 (US$ 790 – US$ 960) per metric ton until the midst of 2024 because El Nino starts threatening the supply when demands would increase. (T2)