Malaysian Crude Palm Oil (CPO) Prices Rise Amid Increased Costs for Other Vegetable Oils on Monday (30/10)

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Doc. palmoilmagazine.com / The price of crude palm oil (CPO) contracts at the Malaysia Derivatives Exchange saw another consecutive increase on Monday, October 30, 2023, following two previous sessions of gains.

PALMOILMAGAZINE, JAKARTA  The price of crude palm oil (CPO) contracts at the Malaysia Derivatives Exchange saw another consecutive increase on Monday, October 30, 2023, following two previous sessions of gains. A similar trend was observed in the rising prices of other vegetable oils.

According to Reuters, the CPO contract with the code FCPOc3, scheduled for delivery in January 2024 at the Malaysia Derivatives Exchange, rose by RM 19 per ton, equivalent to approximately 0.50%, reaching RM 3,794 (US$ 798.40) per metric ton during the morning session.

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This marks the continuation of a weekly upward trend, registering a cumulative increase of 0.11% by the end of the previous Friday.

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Still from Reuters, palm oil price in European vegetable oil markets increased on Friday after CPO in Malaysian Exchange did too because China encouraged the vegetable oil price. But the decreasing demands for the tropical product limited the increasing price.

Meanwhile Indonesian Palm Oil Association (IPOA) mentioned that August 2023 total exports reached 2.073 thousand tons or decreased about 41% compared to July 2023 exports that reached 3.519 thousand tons. It happened for the low production but consistent increasing production in this country.

With the total exports, it is predicted that the exports values in August 2023 would be about US$ 1.683 million or less than July 2023 export values that reached US$ 2.918 juta.

Soyoil price at Chicago Board of Trade BOcv1 escalated 0,57%. Soyoil contract at Dalian, DBYcv1 increased 1,31%, CPO contract with the code DCPcv1 did too 0,97%.

Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally. (T2)

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