PALMOILMAGAZINE, KUALA LUMPUR – Crude palm oil (CPO) prices experienced a more than 2% surge at the Bursa Malaysia Derivatives Exchange on Tuesday (15/8/2023), breaking a trend of three consecutive sessions of decline. This upward movement was mirrored by the strengthening of the ringgit, an increase in exports, and a rise in the prices of other vegetable oils.
According to a report from Reuters, the reference price for the CPO contract with the code FCPOc3 for October 2023 delivery at the Bursa Malaysia Derivatives Exchange rose by RM 86, equivalent to about 2.33%, reaching RM 3,780 (US$ 816.94) per metric ton during the early trading session.
As reported by the Solvent Extractors Association (SEA) of India in Mumbai, palm oil imports to India in July 2023 surged by 59% compared to the previous month, reaching a total of 1.08 million tons. This marked the highest import volume in the past seven months, attributed to refineries capitalizing on the lower cost of palm oil to increase their supplies.
Meanwhile, ringgit got cheaper for the past four days in a row towards American dollar. It made palm oil cheaper for the buyers that got transaction in foreign currency.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 increased 1,9%, palm oil contract with the code DCPcv1 increased 1,4%. Soyoil price at Chicago Board of Trade BOcv1 did too 0,2%.
Until now palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally. (T2)