PALMOILMAGAZINE, KUALA LUMPUR – On Thursday, August 10th, 2023, the price of crude palm oil (CPO) at the Bursa Malaysia Derivative Exchange experienced a decrease compared to the previous session. This decline was attributed to traders awaiting key data releases from the Malaysian Palm Oil Board (MPOB) and cargo surveyors.
According to information from Reuters, the CPO contract reference with the code FCPOc3, set for October 2023 delivery at the Bursa Malaysia Derivatives Exchange, saw a decrease of RM 40 or 1.06%, settling at RM 3,731 (equivalent to US$ 816.05) per metric ton during the session.
MPOB was scheduled to release demand and offer data in July 2023. Cargo surveyor would also release export data on 1 – 10 August 2023.
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In a survey by Reuters, it was predicted that July 2023 stock would increase 4,2% from the previous month to the highest level in the past five months to be 1,79 million tons because of the increasing production.
Still from Reuters, soyoil contract at Bursa Dalian with the code DBYcv1 increased 1,5%, CPO contract with the code DCPcv1 increased 0,7%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,6%.
CPO has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally. (T2)
