PALMOILMAGAZINE, JAKARTA – On Tuesday, August 1, 2023, the price of crude palm oil (CPO) at the Bursa Malaysia Derivatives Exchange rebounded following a continuous five-session decline, attributed to the recovery in soyoil trading at the Chicago Board of Trade (CBOT).
According to information sourced from Reuters, the CPO contract with the code FCPOc3, set for delivery in October 2023 at the Bursa Malaysia Derivatives Exchange, experienced a 0.18% increase during midday trading, reaching RM 3,885 (equivalent to US$ 861.23) per ton.
Commodity Research Chief of Grup Sunvin in Mumbai, Anilkumar Bagani said that soyoil price recovery at CBOT and the strong biofuel consumption in May 2023 helped to escalate palm oil price.
But CPO contract is not recovering still after it decreased up to 3,02% on Monday (31/7/2023) because the traders still waited for July data (exports).
Also Read : Malaysian CPO Price Declines in Response to Lower Vegetable Oil Prices
Still from Reuters, soyoil contract at Dalian with the code DBYcv1 decreased 0,4%, CPO contract with the code DCPcv1 did too 0,32%. Soyoil price at CBOT increased 0,55%.
Meanwhile the Government of Indonesia decided, CPO reference price is US$ 826,48 per metric ton on 1 – 15 August 2023. It maintains export tax and levy from the previous period. (T2)
