InfoSAWIT, SINGAPORE – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got cheaper for the fourth session in a row on Wednesday (3/1/2024) and hit the lowest level in the past two months. This happened for the decreasing demands and cheaper soyoil.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for March 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 43 per ton or about 1,2% to be RM 3.617 (US$ 780,87) per metric ton in the midday.
Director of Pialang Pelindung Bestari in Selangor, Paramalingam Supramaniam said that there is no real trend in palm oil. The factors that mobilized the markets besides the decreasing demands and expectation to get better Malaysia ringgit, and rain in Argentina, delivered the positivity to plant soyoil.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 and CPO contract price with the code DCPcv1 got decreased 1,8% and 2% for each. Soyoil price at Chicago Board of Trade BOcv1 decreased 1,1%.
CPO has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally. (T2)
