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.
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)
