InfoSAWIT, SINGAPORE – Crude palm oil (CPO) price contract at Malaysia Derivatives Exchange on Friday (10/11/2023) increased. It happened for the increasing demands from China while the investors still waited for data of demands and supply from Malaysian Palm Oil Board in the first ten days in November 2023.
As quoted from Reuters, CPO contract price with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 30 or about 0,8% to be RM 3,772 (US$ 799,49) per metric tons in the morning session. It decreased 0,4% this week.
In the recent days, China purchased 1,04 million metric tons of soyoil from USA. This showed that China got increasing demands.
Referring to US Department of Agriculture, it is predicted that soybean production reached 4,129 billion bushels, more than the October prediction which reached 4,104 billion.
Still from Reuters, soyoil export to India could be increasing for the next few months because it is afraid that the soyoil producer – Brazil, would make it more expensive in the past two months. This would encourage to get other buyers to Southeast Asia, as the industrial managers said.
Soyoil price at Chicago Board of Trade BOcv1 increased 0,4%. Soyoil contact at Dalian, DBYcv1 was flat while CPO contract with the code DCPcv1 increased 0,8%. (T2)