PALMOILMAGAZINE, JAKARTA – On Monday (24/7/2023), the price of crude palm oil (CPO) at Bursa Malaysia Derivatives Exchange experienced a decline during the second trading session. This drop was influenced by the decrease in prices of other vegetable oils at the Dalian Commodity Exchange.
According to Reuters, the CPO reference price with the code FCPOc3 for October 2023 delivery at Bursa Malaysia Derivatives Exchange fell by RM 45 or approximately 1.12%, reaching RM 3,990 ringgit (US$ 872.70) per metric ton during the trading period.
Interestingly, in the preceding week’s trade until Friday (21/7/2023), CPO contracts had the potential to increase up to 4.2%. However, in the current trading session, the prices witnessed a decline due to the cheaper rates of other vegetable oils in the market.
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According to Indonesian Palm Oil Associaiton (IPOA) that Palmoilmagazine.com got, total palm oil exports in May 2023 increased 4,5% to be 2,23 million tons compared to April 2023. The biggest increasing exports were to India (+168,3 thousand tons or +105,1%), African countries besides Egypt (+85,5 thousand tons or +43,3%) and Egypt (+46,5 thousand tons or +128,8%).
According to AmSpec Agri Malaysia, palm oil exports from Malaysia on 1 – 20 July increased 10,1% from April. Intertek Testing Services mentioned, palm oil exports in the same period increased 19%.
Still from Reuters, soyoil contract at Dalian with the code DBYcv1 decreased 2,41%, CPO contract with the code DCPcv1 also decreased 2,69%. Soyoil price at Chicago Board of Trade with the code BOcv1 increased 0,35%. (T2)
