PALMOILMAGAZINE, MUMBAI – The contract price for Crude Palm Oil (CPO) at the Malaysia Derivative Exchange on Wednesday, October 11, 2023, showed an increase after a prolonged decline, marking its lowest level in the past three and a half months.
This price rebound was attributed to the rising cost of soyoil, coupled with expectations of increased exports.
According to information sourced from Reuters, the CPO contract price, identified as FCPOc3 and slated for December 2023 delivery at the Malaysia Derivatives Exchange, saw a substantial uptick of RM 27 per ton, equivalent to approximately 0.76%, reaching RM 3,592 (US$ 760.21) per metric ton during the early trading session.
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Simultaneously, the contract price for soyoil at the Chicago Board of Trade BOc2 also experienced a 0.54% increase at 02:55 Greenwich Mean Time (GMT).
Cargo surveyor predicted, palm oil export products from Malaysia on 1 – 10 October increased 12,5% to be 29,6% to last month. palm oil stocks in the country by the late of September increased 9,6% to be 2,31 million tons, the highest level in 11 (eleven) months, as Malaysian Palm Oil Board (MPOB) reported.
MPOB also predicted that CPO production increased 4,33% in September to be 1,83 million tons month on month while the exports decreased to be 1,2 million tons.
Palm oil imports in India in September decreased 26% from the previous month after the stocks increased to the highest level.
PT Garuda Indonesia on Tuesday said that the company accomplished aviation trial by using jet fuel mixed with palm oil aviation turbine in the plane of Boeing 737-800NG. (T2)
