CPO Prices on Malaysia Exchange Dip by RM 32 per Ton on Wednesday (23/8)

Palm Oil Magazine
Doc. Palmoilmagazine.com / Crude palm oil (CPO) price at Malaysia Derivatives Exchange got cheaper on Wednesday (23/8/2023) because other vegetable oils did too, and increasing production from the mills in South Semenanjung.

PALMOILMAGAZINE, SINGAPORE – Malaysian ringgit, as the official palm oil trade currency got cheaper 0,11% to be RM 4,65 towards dollar. It made palm oil get more interesting for those who trade in foreign currency.

Crude palm oil (CPO) price at Malaysia Derivatives Exchange got cheaper on Wednesday (23/8/2023) because other vegetable oils did too, and increasing production from the mills in South Semenanjung.

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As quoted from Reuters, CPO contract price reference with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange decreased RM 32 or about 0,83% to be RM 3.834 (US$ 824,34) per metric ton in the early session, decreased for the second day in a row.

Also Read : CPO at Malaysia Exchange Got Cheaper for Ringgit Decreased

According to the official information from Malaysian Palm Oil Board (MPOB), Malaysia keeps having 8% of CPO tax and escalating its reference price.

CPO production in South Peninsular Palm Oil Mills Association showed the better recovery than the prediction from 1 – 20 August, increased 7% from last month production.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 got cheaper 0,2% and CPO contract price with the code DCPcv1 did too 1,1%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,3%.

Palm oil has something to do with other vegetable oil price because they compete to get parts of vegetable oil markets globally. (T2)

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