PALMOILMAGAZINE, KUALA LUMPUR – The reference price for Crude Palm Oil (CPO) at the Bursa Malaysia Derivatives Exchange declined for the second consecutive session on Tuesday (8/8/2023) following a drop in other vegetable oil prices. This marked the lowest point observed in the past six weeks.
Reported by Reuters, the reference price for the CPO contract with the code FCPOc3, set for October 2023 delivery at the Bursa Malaysia Derivatives Exchange, saw a reduction of RM 33 or 0.87%, reaching RM 3,739 (US$ 817.98) per metric ton during the early trading session. This figure represented the lowest level recorded since June 28, 2023.
Data from USA Government showed that weekly production of soyoil in the country increased in the past week, or more than what analysis predicted. US Department of Agriculture revealed that 54% of soyoil production is in good condition or increased 52% more than last week production.
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Still from Reuters, soyoil price at Chicago Board of Trade with the code BOcv1 got cheaper 2,7%. Soyoil contract at Dalian with the code DBYcv1 also decreased 1,6%, and CPO contract with the code DCPcv1 also decreased 2,4%. (T2)
