PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at the Malaysia Derivative Exchange continued its decline for the fourth consecutive session on Thursday, September 7, 2023. This downward trend was driven by the decreasing prices of other vegetable oils and concerns regarding the forthcoming release of supply and demand data for August 2023 by the Malaysian Palm Oil Board (MPOB).
According to Reuters, the reference contract price for CPO with the code FCPOc3, set for delivery in November 2023 at the Malaysia Derivatives Exchange, dropped by RM 36, equivalent to about 0.93%, settling at RM 3,845 (US$ 822.64) per metric ton during midday trading.
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 about 1,89 million tons because of the increasing production and slow exports, as Reuters did survey.
MPOB would release August 2023 supply and demand on 11 September 2023.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,78%, CPO contract price with the code DCPcv1 did too 2,09%. Soyoil price at Chicago Board of Trade BOcv1 did decrease 0,5%.
Palm oil imports in India could be increasing 26% yo the highest record for this year that would end on 31 October 2023 because the consumption starts recovering and competitive price encouraged the company (distillery) to escalate their purchase.
The increasing palm oil purchase in India which is the biggest palm oil importer in the world would help to reduce the supply in producer countries and could make it more expensive in the trade. (T2)
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