InfoSAWIT, SINGAPORE – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange increased for the second session in a row on Thursday (2/11/2023). It happened for the increasing export data and more expensive crude oil though Malaysia ringgit increased that limited the increasing price.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 10 per ton or a about 0,2% to be RM 3,697 (US$ 778,64) per metric ton in the morning session.
Cargo surveyor - Intertek Testing Services and independent inspection company - AmSpec Agri Malaysia on Tuesday, mentioned that CPO exports from Malaysia in October 2023 increased between 6,6% and 8,9% from the previous month.
Crude oil increased a little bit on Thursday trade because of the conflict in Middle East and made investors worry if the conflict would have something to do with oil supply in the region.
Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 increased 1,5%, CPO contract price with the code DCPcv1 also increased 1,6%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,8% after it reached the lowest level in five months in the previous sessions.
Commodity broker - StonseX SNEX.O on Wednesday had to reduce soyoil outcome in USA in 2023 to be 50,3 bpa from what it was mentioned on 2 October that reached 50,4. Soyoil production which got smaller than it was estimated would influence the soyoil supply that competes with CPO to get markets.
Malaysian ringgit = MYR , the official currency in palm oil trade got increased 0,4% towards US dollar to be 4,754, and it was the best day since 31 July. The increasing ringgit made palm oil less interesting for those that trade in foreign currency. (T2)