InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange decreased on Friday (29/12/2023) because other vegetable oil price got cheaper and the increasing Malaysia ringgit and reference contract price also got annual decreasing for the second time in row.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for March delivery at Malaysia Derivatives Exchange decreased RM 42 per ton or about 1,12% to be RM 3.697 (US$ 806,32) per ton in the early session. In one year, it also decreased 11% compared to the previous year.
El Nino phenomenon that made drought in many regions in Asia limited the loss this year. It is predicted to be happening again until in the first semester of 2024 and would endanger palm oil production globally.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,72%, CPO contract price with the code DCPcv1 decreased 1,88%. And soyoil price at Chicago Board of Trade BOcv1 decreased 0,17%.
CPO has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally.
Malaysian ringgit increased 0,43% towards dollar and made this commodity more expensive for the buyers that held foreign currency. (T2)