PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) contracts on the Malaysia Exchange fell for the third consecutive session on Wednesday, (1/11/2023), dragged down by concerns over rising stockpiles and weakening prices of other vegetable oils.
According to Reuters, the price of the benchmark palm oil contract coded FCPOc3 for January 2024 delivery on the Bursa Malaysia Derivatives Exchange fell RM 17 per tonne or about 0.5% to RM 3,661 (US$ 767.18) per metric tonne at the opening of trade.
Referring to reports by cargo surveyor Intertek Testing Services and independent inspection firm AmSpec Agri Malaysia, Malaysia’s palm oil product exports for October rose between 6.6% and 8.9% from the previous month. Analysts said the rise in exports was offset by expectations of higher output.
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Still reported by Reuters, the price of soybean oil contracts on the Dalian Exchange coded DBYcv1 fell 0.5%, while the palm oil contract coded DCPcv1 fell 1.1%.The price of soybean oil on the Chicago Board of Trade BOcv1 fell 0.3%.
Referring to the official statement of the Ministry of Trade, the Indonesian government has set the reference price of crude palm oil at US$ 748.93 per metric ton for the period of November 1-15, up from US$ 740.67 per ton in the previous 15-day period, based on a decision by the Ministry of Trade on Tuesday. (T2)
