InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange booked its weekly increasing price on Friday (20/10/2023). It happened because export data got increased and crude oil got more expensive and balanced some vegetable oils that got cheaper.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 13 per ton or about 0,35% to be RM 3,771 (US$ 791,40) per metric ton. In this week, it got increased 0,35%.
Senior analyst in Fastmarkets Palm Oil Analytics, Sathia Varqa said that palm oil was under pressure on the day but it successfully cut off the loss to be a little bit higher because of the promising exports. “On the other hand, the production prospect would be uncertain,” he said, as quoted from Reuters.
AmSpec Agri Malaysia and Intertek Testing Services reported that palm oil exports from Malaysia on 1 - 20 October could be increasing between 7,9% and 9,9% ,.
Soyoil contract at Dalian Exchange with the code DBYcv1 decreased 1,36 %, CPO contract price with the code DCPcv1 did decrease 1,82%. Soyoil price at Chicago Board of Trade BOc2 increased 0,76 %.
Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil markets globally. (T2)
