InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivative Exchange increased on Tuesday (14/11/2023). It happened for soyoil got more expensive at Dalian and Chicago Board of Trade, and Malaysia ringgit got cheaper.
CPO reference contract with the code FCPOc3 for January 2024 delivery at Malaysia Derivatives Exchange increased RM 33 per ton or 0,87% to be RM 3,835 (US$ 813,71) per metric ton in the morning session.
The increasing palm oil and sunflower imports in India in 2022/23 reached 24% and 54% for each, hit the highest record because of the increasing consumption and the two oils were economical in price.
The facts would reduce palm oil stocks in Indonesia and Malaysia and it is hoped to make CPO price get more expensive in the exchange. The purchase also reduced sunflower oils in producing countries around Black Sea.
According to Malaysian Palm Oil Board, palm oil stock in Malaysia hit the highest level in the past four years by the late of October though the exports got increased from the prediction.
Still from Reuters, soyoil contract price at Chicago Board of Trade BOcv1 increased 0,64%. Soyoil contract at Dalian, DBYcv1 increased 1,43%, CPO with the code DCPcv1 did increase 0,95%.
Soyoil price has something to do with other vegetable oils because they compete to get part in vegetable oil trade globally. (T2)