PALMOILMAGAZINE, JAKARTA – According to the report of Malaysian Palm Oil Board (MPOB), palm oil stock in the country by the late of August increased 22,5% to be 2,12 million tons, the highest numbers for the past seven years.
Crude palm oil (CPO) production increased 8,9% to be 1,75 million tons while palm oil exports decreased to be 1,22 million tons.
CPO price at Malaysia Derivatives Exchange got more expensive on Tuesday (12/9/2023), after it got cheaper for six sessions. It happened because other vegetable oils got more expensive the day before.
As quoted from Reuters, CPO reference contract price with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 6 or 0,16%, to be RM 3,719 (US$ 795,85) per metric ton in the midday.
Soyoil contract price at Dalian with the code DBYcv1 decreased 0,51%, CPO contract price with the code DCPcv1 did too 1,53%. Soyoil price at Chicago Board of Trade BOcv1 also decreased 0,53%.
Palm oil is intertwined with the prices of other vegetable oils as it competes for a share in the global vegetable oil markets.
Cargo surveyor – Intertek Testing Services mentioned, palm oil exports from Malaysia on 1 – 10 September decreased 11.2% to the previous month. (T2)