PALMOILMAGAZINE, JAKARTA – The contract price of crude palm oil (CPO) at the Malaysia Derivatives Exchange saw a notable uptick during the second session on Thursday, October 19, 2023, reaching its highest level in the past three weeks. This surge was underpinned by the rising prices of other vegetable oils.
According to information sourced from Reuters, the reference contract price for CPO, coded as FCPOc3, set for delivery in January 2024 at the Malaysia Derivatives Exchange, increased by RM 31 per ton, marking a gain of approximately 0.81%. This brought the CPO price to RM 3,841 (equivalent to US$ 806.93) per metric ton during the early trading session.
AmSpec Agri Malaysia reported that palm oil exports from Malaysia on 1 – 15 October increased 5,6% from the previous month. Intertek Testing Services reported that palm oil exports increased about 7,3%. Cargo surveyor – Societe Generale de Surveillance (SGS) predicted that palm oil export from Malaysia on 1 – 15 October reached 665.876 metric ton.
In November 2023, the Government of Malaysia decided that CPO export tax would be 8% and minimize its reference price, as Malaysia Palm Oil Board reported.
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Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 0,15%, CPO contract price with the code DCPcv1 increased 0,41%. Soyoil price at Chicago Board of Trade BOc2 increased 0,15%.
Palm oil has something to do with other vegetable oils because they compete to get parts in vegetable oil markets globally. (T2)