InfoSAWIT, NEW DELHI – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased on Wednesday (18/10/2023). It happened because of the increasing exports, increasing demands from China, and soyoil at Chicago Board of Trade got more expensive.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased 1,03% to be RM 3,823 (US$ 806,88) per metric ton in midday trade.
A dealer in New Delhi said that short – term export prospect would be good and China would increase its demands.
Independent inspection company, AmSpec Agri Malaysia reported that palm oil exports from Malaysia on 1 - 15 October increased 5,6% from the previous month. Intertek Testing Services noted that the exports from Malaysia also increased 7,3%.
The Government of Malaysia questioned CPO export tax in November that would be 8% and minimize its reference price, as the official statement in the page of Malaysian Palm Oil Board, on Tuesday. Still from Reuters, soyoil at Chicago Board of Trade BOcv1 increased 0,3%.
Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally. (T2)