PALMOILMAGAZINE, SINGAPORE – Palm oil is influenced by the pricing dynamics of other vegetable oils as they compete for a share in the global vegetable oil trade.
The price of crude palm oil (CPO) at the Malaysia Derivatives Exchange dropped to its lowest point in the past three months on Friday, September 22, 2023. This marked the third consecutive week of losses, despite cheaper prices for other vegetable oils, as it coincided with an increase in exports.
According to Reuters, the reference contract for CPO with the code FCPOc3, scheduled for delivery in January 2023 at the Malaysia Derivatives Exchange, rose by RM 7 per ton or 0.2%, reaching RM 3,686 (US$ 786.77) per metric ton. However, the CPO price for this week recorded a 2.6% decrease.
Also Read : CPO Price at Malaysia Derivatives Exchange on Tuesday (22/8/2023)
Cargo surveyor – Intertek Testing Services noted that palm oil exports from Malaysia on 1 – 20 September increased 2,4% compared to August in the same period. Independent inspection company – AmSpec Agri Malaysia noted palm oil exports from the country in the same period increased 1,8%.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1%, CPO contract price with the code DCPcv1 also decreased 0,3%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,4%. (T2)
