InfoSAWIT, SINGAPORE – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased on Tuesday (17/10/2023) to the highest level since the past three weeks and the increasing exports when crude oil got cheaper that limited the increasing price.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for January 2023 delivery at Malaysia Derivatives Exchange increased RM 15 per ton or about 0,4% to be RM 3,793 (US$ 801,73) per metric ton in the morning session.
Independent inspection company - AmSpec Agri Malaysia reported that palm oil products in Malaysia on 1 - 15 October could increase 5,6% than in September in the same period. While Intertek Testing Services reported, the exports would increase 7,3% .
Malaysia keeps regulating CPO export tax in November at 8% and reduces reference price according to circulars in the website of Malaysian Palm Oil Board on Tuesday.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 increased 0,1%, CPO contract with the code DCPcv1 decreased 0,3%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,1%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.
Crude oil got cheaper more than US$ 1 per barrel as the expection increased that United States of America and Venezuela would agree to minimize crude oil export sanction to Venezuela. While the traders mentioned, the conflict between Egypt and Hamas would not be a threat to oil supply in this very short. (T2)