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.
Also Read : CPO Price at Malaysia Exchange Increased RM 32 on Wednesday (6/9)
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)
