PALMOILMAGAZINE, JAKARTA – Palm oil supply in Malaysia by the late of August 2023 could be increasing to the highest level for the past six months to be 1,89 million metric tons because of the increasing production and slow exports.
August vegetable oil imports in India increased 5 % to be 1,85 million metric tons because the refineries purchased more than 1 million tons of palm oil for the past two months in a row to multiply their stocks heading to religious days.
Crude palm oil (CPO) price at Malaysia Derivatives Exchange increased on Wednesday (6/9/2023) after it was getting cheaper two sessions in a row. It increased after other vegetable oil price got more expensive.
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As quoted from Reuters, CPO reference contract price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 32 or 0,69% to be RM 3,933 ringgit (US$ 841,64) per metric ton in the early session.
Soyoil contract at Dalian with the code DBYcv1 increased 0,93%, CPO contract price with the code DCPcv1 did too 0,52%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,24%. (T2)