CPO Price Declines by 0.42% at Malaysia Exchange on Friday (6/10)

Palm Oil Magazine
Doc. Palmoilmagazine.com

PALMOILMAGAZINE, NEW DELHI – The Crude Palm Oil (CPO) contract price at the Malaysia Derivatives Exchange experienced a second consecutive decrease on Friday (6/10/2023), influenced by the declining soyoil prices at the Chicago Board of Trade.

The reference contract price for CPO with the code FCPOc3, set for December 2023 delivery at the Malaysia Derivatives Exchange, declined by 0.42% during the early session, reaching RM 3,593 (equivalent to US$ 761.71) per metric ton, as quoted from Reuters.

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It’s worth noting that in the preceding month of September, the CPO contract price witnessed a 6.06% month-on-month decrease, following two months of consecutive increases.

Also Read : CPO Price in Malaysia Exchange Rises by 0.5%, while Other Vegetable Oil

Dalian Exchange has been off since 29 September to 6 October because mid – autumn festival and national holidays. Soyoil price at Chicago Board of Trade BOc2 increased 0,7%.

Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.

Vegetable oil imports in India decreased 19 percent compared to Agusut import that hit the highest recode. The refinery in India decreased their palm oil purchase about 26 percent because of abundant stock, as quoted fromt Reuters.

This would have something to do with palm oil producer countries, Indonesia and Malaysia for having increasing stocks and would influence its price.

Indonesian Palm Oil Association predicted that palm oil production would increase 5% this year and would be reaching 3,2 million metric tons by the late of this year.

Back to Reuters, CPO in Malaysia could be sold at RM 3.700 dan RM 4.500 ringgit per metric ton from now on up to the midst of 2024 because of El Nino that threatens its supply because of increasing demands, as analysists said. (T2)

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