InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange was on the floor more expensive on Monday (30/10/2023) after it increased two sessions in a row. It also happened for the increasing price of other vegetable oils.
As quoted from Reuters, CPO contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 19 per ton or about 0,50%, to be RM 3,794 (US$ 798,40) per metric ton in the morning session.
It booked the weekly increasing price in a row that reached 0,11% on last Friday.
Still from Reuters, palm oil price in European vegetable oil markets increased on Friday after CPO in Malaysian Exchange did too because China encouraged the vegetable oil price. But the decreasing demands for the tropical product limited the increasing price.
Meanwhile Indonesian Palm Oil Association (IPOA) mentioned that August 2023 total exports reached 2.073 thousand tons or decreased about 41% compared to July 2023 exports that reached 3.519 thousand tons. It happened for the low production but consistent increasing production in this country.
With the total exports, it is predicted that the exports values in August 2023 would be about US$ 1.683 million or less than July 2023 export values that reached US$ 2.918 juta.
Soyoil price at Chicago Board of Trade BOcv1 escalated 0,57%. Soyoil contract at Dalian, DBYcv1 increased 1,31%, CPO contract with the code DCPcv1 did too 0,97%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally. (T2)