PALMOILMAGAZINE, JAKARTA – The Crude palm oil (CPO) price at the Malaysia Derivatives Exchange saw its third consecutive increase on Friday, September 15, 2023, as other vegetable oils also became more expensive. However, many experts are predicting a price decline in the second week.
According to Reuters, the reference contract price for CPO with the code FCPOc3, scheduled for November 2023 delivery at the Malaysia Derivatives Exchange, rose by RM 36 or 0.96% during the early session, reaching RM 3,797 (equivalent to US$ 810.89) per metric ton. This increase comes after a 1% decrease in the previous week.
Soyoil contract price at Dalian Exchange with the code DBYcv1 also increased 1,04%, CPO contract price with the code DCPcv1 did too 0,81%. Soyoil price at Chicago Board of Trade BOc2 increased 0,31%.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Ministry of Trade decided that CPO reference price to decide out fee and tariff (levy) on 16–30 September 2023 would be US$ 798,83/metric ton (MT). The numbers gets cheaper US$ 6,37 or 0,79 percent from on 1 – 15 September 2023 that was US$ 805,20/MT. Out Fee would be US$ 33 per ton and levy would be US$ 85 per ton.
India imported 1,13 million tons of palm oil in August 2023 or escalated 3,9% from the previous month and these were the highest numbers for the last nine months, as trade agency of India noted. (T2)