PALMOILMAGAZINE, MALAYSIA – Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil markets globally.
Ringgit is the official currency in palm oil trade and almost hit the lowest level for more than one month since Thursday (17/8/2023). The decreasing ringgit managed palm oil more interesting for those who traded in foreign currencies.
Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange on Tuesday (22/8/2023) decreased because other vegetable oils got cheaper at Dalian Exchange though the exports increased and postponed the losses.
Also Read : Significant RM 74 per Ton Increase in CPO Price at Malaysia Exchange on Monday, August 21st
As quoted from Reuters, CPO price reference with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange got cheaper RM 60 or about 1,52%, to be RM 3.876 (US$ 833,91) per metric ton in the early session which eventually cut off the previous session – profit.
Cargo surveyors, Intertek Testing Services and Amspec Agri showed that palm oil exports from Malaysia on 1 – 20 August increased between 9,8% and 17,4% from the previous period last month.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 also decreased 0,4%, CPO with the code DCPcv1 did too 0,9%. Soyoil price at Chicago Board of Trade BOcv1 increased only 0,1%.
Technical analyst of Reuters, Wang Tao said, CPO could be at RM 3.861 per metric ton, while the lowest numbers could be at RM 3.778 per metric ton. (T2)
