InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got cheaper 1% on Monday (23/10/2023). It happened for other vegetable oils and crude oil got cheaper though export data showed increasing and Malaysian ringgit got cheaper.
It increased 0,91% compared to last week in the second week in a row.
Research Chief of Sunvin Group in Mumbai, Anilkumar Bagani said that contract price in the exchange opened the gap lower because the decreasing vegetable oil imports in China and the cheaper crude oil.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.
“The escalating palm oil exports on 1 - 20 October, the increasing imports to India, and the cheaper ringgit, limited the decreasing,” he said.
AmSpec Agri Malaysia and Intertek Testing Services mentioned that palm oil exports from Malaysia on 1 - 20 October could be increasing between 7,9% ad 9,9% from the previous month.
Ringgit Malaysia as the official currency in palm oil trade got cheaper 0,27% towards American dollar. It made palm oil relatively interesting for those that trade in foreign currency. (T2)
($1 = 4,7780 ringgit)