InfoSAWIT, SINGAPORE - Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange decreased for the third session in a row on Wednesday (1/11/2023) because of the worry about increasing stock and cheaper vegetable oil price.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange decreased RM 17 per ton or about 0,5% to be RM 3,661 (US$ 767,18) per metric ton in the opening session.

Cargo surveyor - Intertek Testing Services and independent inspection company - AmSpec Agri Malaysia mentioned that palm oil product exports from Malaysia in October increased between 6,6% and 8,9% from the previous month. many analyst mentioned the increasing production was the same with higher output expectation.

Still from Reuters, soyoil contract price at Bursa Dalian with the code DBYcv1 decreased 0,5%, CPO contract price with the code DCPcv1 did too 1,1%. CPO price at Chicago Board of Trade BOcv1 did decrease 0,3%.

From the official statement from Ministry of Trade, the Government of Indonesia decided that CPO reference price would be US$ 748,93 per metric ton on 1 - 15 November, or increases from US$ 740,67 per ton in the past 15 days, according to the Decision of Minister of Trade on Tuesday. (T2)