PALMOILMAGAZINE, KUALA LUMPUR – The price of crude palm oil (CPO) at the Bursa Malaysia Derivative Exchange saw its third increase in the last four sessions on Wednesday (5/7/2023). However, there are concerns regarding the growing stocks in Malaysia due to sluggish export activities.
As quoted from Reuters, CPO reference price with the code FCPOc3 for September 2023 delivery at Bursa Malaysia Derivatives Exchange increased RM 17 or about 0,44% to be RM 3.900 (US$ 840,52) per ton during the trade.
In general, the investors still waited for supply and demand data on palm oil from Malaysia Palm Oil Board (MPOB) on 10 July 2023.
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Malaysia’s CPO Price Declines: Traders Anticipate Export Data
Impressive 12.6% Increase in May 2023 Palm Oil Stock in Malaysia
According to cargo survey, Intertek Testing Services, June 2023 exports from Malaysia could be decreasing about 6,9% compared to May 2023. AmSpec Agri Malaysia reported the exports increased 0,6%.
In the survey by Reuter to 6 traders, palm oil imports in India in June 2023 increased 49% from the previous month or hit the highest numbers in the past three months because the traders decided to get profits from cheap CPO.
Still from Reuters, soyoil contract at Bursa Dalian with the code DBYcv1 increased 0,1%, CPO contract with the code DCPcv1 decreased 0,4%. Chicago Board of Trade BOcv1 was close because of holiday. (T2)
