PALMOILMAGAZINE, MALAYSIA – On Monday, August 21, 2023, the contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange experienced a notable recovery. This revival can be attributed to the concurrent uptick in other vegetable oil prices and a positive boost from encouraging export data.
As reported by Reuters, the CPO contract with the code FCPOc3, scheduled for delivery in November 2023, exhibited a robust increase of RM 74 per metric ton, equivalent to approximately 1.91%.
This surge propelled the CPO contract price to RM 3,946 (US$ 848.97) per metric ton in early trading, effectively offsetting the losses incurred during previous trading sessions.
Also Read : CPO at the Malaysia Derivatives Exchange Surged on Friday
Cargo surveyor – Intertek Testing Services showed on Sunday that palm oil exports in Malaysia on 1 – 20 August increased 9,8% to be 827.975 metric tons in the same period in the previous month.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 and CPO contract with the code DCPcv1 increased 0,9% for each, soyoil at Chicago Board of Trade BOcv1 increased 1,3%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally. (T2)
