InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got cheaper on Monday (16/10/2023) but it was in the highest level for the past two weeks compared to the previous session. It happened for ringgit currency got cheaper and exports got higher to support its price.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange decreased RM 14 per ton or about 0,37% to be RM 3,745 (US$ 790,08) per metric ton in the early session.
Cargo surveyor - Intertek Testing Services on Sunday noted that palm oil exports from Malaysia on 1 - 15 October increased 7,3% to be 623.245 metric tons from 580.893 metric tons which were sent on 1 - 15 September.
The Government of Indonesia got its CPO reference price cheaper on 16 - 31 October to be US$ 740,67 per tons from US$ 827,37 per ton, according to the regulation of ministry of trade on Friday.
Palm oil imports in India in September decreased 26% from the previous month to be 834.797 tons, the lowest level in the past three months. This happened because the higher supply encouraged refinery reduced purchase, as trade agency mentioned on Friday.
Malaysia ringgit = MYR, the official currency in palm oil trade also, decreased 0,32% towards dollar. This made palm oil more interesting for buyers that traded in other currency.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1, increased 1,3%, CPO contract with the code DCPcv1 increased 1,8%. Soyoil at Chicago Board of Trade BOcv1 increased 0,77%.
Palm oil has something to do with other vegetable oils because they compete to get part in vegetable oil trade globally. (T2)