PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) contracts on the Malaysia Derivatives Exchange rebounded during the opening session on Monday (11/9/2023) following a prior decline. This increase was attributed to the rising prices of soyoil on the Dalian Exchange and the Chicago Board of Trade.
According to information from Reuters, the reference price for CPO with the code FCPOc3, scheduled for delivery in November 2023 at the Malaysia Derivatives Exchange, rose by RM 10, equivalent to 0.26%, reaching RM 3,840 (US$ 821.92) per metric ton during the early session.
It’s worth noting that CPO contract prices had decreased by 5.20% over the past week. Meanwhile, the soyoil contract price on the Dalian Exchange with the code DBYcv1 increased by 1.16%, and the CPO contract price with the code DCPcv1 rose by 1.14%. Soyoil prices on the Chicago Board of Trade, represented by BOcv1, also experienced a 0.73% increase.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.
Quoting from Cargo Surveyor – Intertek Testing Services, Malaysia’s palm oil exports on 1 – 10 September 2023 decreased 11,2% to be 350.823 tons compared to August in the same period that reached 395.145 tons.
As quoted from Bloomberg, palm oil imports in India could be increasing 26% to the highest record in 2022/23 which would end on 31 October. The import delivery in 2022/23 which ends on 31 October would be 10 million tons, surpass the previous highest numbers which reached 9,5 million tons in 2014/15. (T2)