PALMOILMAGAZINE, MALAYSIA – The Crude Palm Oil (CPO) contract price at the Malaysia Derivatives Exchange showed an increase on Tuesday, October 3, 2023, following a dip during the second session on Monday, October 2, as Chinese traders delayed their purchases due to the holiday season.
The CPO reference contract with the code FCPOc3, slated for delivery in December 2023 at the Malaysia Derivatives Exchange, witnessed a 0.81% rise, reaching RM 3,733 (equivalent to US$ 790.39) per metric ton during early trading. This increase came after a 6.06% decrease in September 2023 compared to the previous month, following two consecutive months of growth as quoted from Reuters.
It’s worth noting that the Dalian Exchange was closed from September 29 to October 6 due to the mid-autumn festival and national holidays in China. Meanwhile, Soyoil prices at the Chicago Board of Trade (BOc2) experienced a 0.4% increase.
The dynamics of palm oil prices are interconnected with those of other vegetable oils, as they vie for their share of the global vegetable oil trade market. (T2)