InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange decreased for the third session in a row on Tuesday (5/12/2023). It happened for other vegetable oils in Dalian and Chicago Board of Trade were still cheap.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange decreased RM 25 per ton or about 0,65% to be RM 3,799 (US$ 815,06) in the midday.

A trader in Kuala Lumpur said that new buyers with cheaper bid, covered the opening gap and it eventually increased to the highest level. “Though it faild to maintain (the price) when other vegetable oils got cheaper,” he said.

Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 decreased 0,30%, CPO contract price with the code DCPcv1 also decreased 0,75%. Soyoil price at Chicago Board of Trade BOc2 did too 0,23%.

CPO has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally.

Survey by Reuters revealed that palm oil supply in Malaysia by the late of November 2023 could be decreasing for the first time since April 2023. It happened because of decreasing seasonal production that would start while the exports keep increasing.

Palm oil in European vegetable oil markets also decreased on Monday because palm oil price at Malaysia Derivatives Exchange got cheaper. It could be between US$ 2,50 per metric ton (expensive rate) and US$ 12,50 per ton (cheaper rate).

Palm oil imports in India in November 2023 increased more than one fifth comared to the previous month because the distillers preferred tropical oil to others and bigger discount than soyoil and sunflower oil. (T2)