InfoSAWIT, SINGAPORE – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased for the second session in a row, Thursday (26/10/2023). It happened for the decreasing Malaysian ringgit and the expensive other vegetable oils at Dalian Exchange though sluggish export data locally limited the increasing price.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 29 per ton or about 0,8% to be RM 3,709 (US$ 775,13) per metric ton in the morning session.
Malaysian ringgit, the official currency in palm oil trade decreased 0,2% towards US dollar and made palm oil more interesting for those that trade in foreign currency.
Crude oil price got some changes because the markets considered many factors, such as, the tension in Middle East while thinking about the increasing crude oil stock in USA. Reference contract price of oil was closed hardly increased 2% on Wednesday.
The expensive crude oil made palm oil more interesting to be material of biodiesel.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 increased 0,9%, CPO contract price with the code DCPcv1 increased 0,8%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,3%.
Palm oil has something to do with other vegetable oils because they compete to get parts in palm oil markets globally. (T2)