PALMOILMAGAZINE, JAKARTA – The price of Crude Palm Oil (CPO) contracts at the Malaysia Derivatives Exchange dropped by 1% on Monday, October 23, 2023.
This price decline was observed across various vegetable oils, as well as crude oil, despite export data showing an increase and the Malaysian Ringgit also depreciating. This marks the second consecutive week of a 0.91% increase.
Anilkumar Bagani, the Research Chief of Sunvin Group in Mumbai, attributed the opening gap in contract prices on the exchange to reduced vegetable oil imports in China and the falling prices of crude oil.
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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.
“The escalating palm oil exports on 1 – 20 October, the increasing imports to India, and the cheaper ringgit, limited the decreasing,” he said.
AmSpec Agri Malaysia and Intertek Testing Services mentioned that palm oil exports from Malaysia on 1 – 20 October could be increasing between 7,9% ad 9,9% from the previous month.
Ringgit Malaysia as the official currency in palm oil trade got cheaper 0,27% towards American dollar. It made palm oil relatively interesting for those that trade in foreign currency. (T2)
($1 = 4,7780 ringgit)