PALMOILMAGAZINE, NEW DELHI – The crude palm oil (CPO) contract price at the Malaysia Derivatives Exchange witnessed an increase on Wednesday, October 4, 2023, marking the second consecutive session of gains following a two-day decline. This upward trend was influenced by the rising prices of other vegetable oils.
The reference contract price for CPO with the code FCPOc3, scheduled for delivery in December 2023 at the Malaysia Derivatives Exchange, saw a 0.5% uptick, reaching RM 3,727 (US$ 788.12) per metric ton during the early trading session, as quoted from Reuters.
This rise came after a previous decline in CPO prices at the exchange, which amounted to a 6.06% drop in September 2023, following two consecutive months of increases.
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Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.
According to Indonesian Palm Oil Association (IPOA) there would be increasing palm oil production by the late of 2023 about 5% with the stock reaching 3,2 million tons.
Independent inspection company – AmSpec Agri Malaysia and cargo surveyor – Intertek Testing Services showed that palm oil exports from Malaysia in September 2023 could be increasing between 5,4% and 8,1%. (T2)
