InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased in the second session on Thursday (19/10/2023), reached the highest level in the past three weeks. It was supported by the expensive other vegetable oil price.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 31 per ton or about 0,81% to be RM 3,841 (US$ 806,93) per metric ton in the early session.

AmSpec Agri Malaysia reported that palm oil exports from Malaysia on 1 - 15 October increased 5,6% from the previous month. Intertek Testing Services reported that palm oil exports increased about 7,3%. Cargo surveyor - Societe Generale de Surveillance (SGS) predicted that palm oil export from Malaysia on 1 - 15 October reached 665.876 metric ton.

In November 2023, the Government of Malaysia decided that CPO export tax would be 8% and minimize its reference price, as Malaysia Palm Oil Board reported.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 0,15%, CPO contract price with the code DCPcv1 increased 0,41%. Soyoil price at Chicago Board of Trade BOc2 increased 0,15%.

Palm oil has something to do with other vegetable oils because they compete to get parts in vegetable oil markets globally. (T2)