PALMOILMAGAZINE, JAKARTA – The contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange experienced back-to-back declines on Monday, February 20, 2023, influenced by a drop in soyoil prices at the Chicago Board of Trade.
The CPO contract price saw a significant 6.06% month-on-month decrease in September, marking the second consecutive monthly decline following two months of increases as quoted from Reuters.
During the period from September 29 to October 6, 2023, the Dalian Exchange in China was closed for the national holidays due to the mid-autumn festival. Additionally, the price of soyoil at the Chicago Board of Trade (BOc2) also registered a 0.32% decrease.
Also Read : Monday Sees Decrease in CPO Price at Malaysian Exchange
Independent inspection company – AmSpec Agri Malaysia and cargo surveyor – Intertek Testing Services reported that palm oil exports from Malaysia in September 2023 could be increasing between 5,4% and 8,1%, .
According to the official information from Ministry of Trade Indonesian Republic, the Government of Indonesia escalated CPO reference price to be US$ 827,37 per ton on 1 – 15 October 2023 but CPO out fee (OF) and levy have not change from the previous period which are US$ 33 per ton for OF and CPO levy would be US$ 85 per ton.
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Analysts mentioned, CPO in Malaysia could be sold at between RM 3.700 to RM 4.500 (US$ 790 – US$ 960) per metric ton until the midst of 2024 because El Nino starts threatening the supply when demands would increase. (T2)
