PALMOILMAGAZINE, SINGAPORE – The price of crude palm oil (CPO) contracts at the Malaysia Derivatives Exchange witnessed an increase on Friday (10/11/2023). This surge was driven by growing demands from China, while investors awaited data on demands and supply from the Malaysian Palm Oil Board for the first ten days of November 2023.
The CPO contract price, coded FCPOc3, for January 2024 delivery at the Malaysia Derivatives Exchange rose by RM 30 or approximately 0.8%, reaching RM 3,772 (US$ 799.49) per metric ton in the morning session. However, it experienced a 0.4% decrease over the course of the week as quoted from Reuters.
In the recent days, China purchased 1,04 million metric tons of soyoil from USA. This showed that China got increasing demands.
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Referring to US Department of Agriculture, it is predicted that soybean production reached 4,129 billion bushels, more than the October prediction which reached 4,104 billion.
Still from Reuters, soyoil export to India could be increasing for the next few months because it is afraid that the soyoil producer – Brazil, would make it more expensive in the past two months. This would encourage to get other buyers to Southeast Asia, as the industrial managers said.
Soyoil price at Chicago Board of Trade BOcv1 increased 0,4%. Soyoil contact at Dalian, DBYcv1 was flat while CPO contract with the code DCPcv1 increased 0,8%. (T2)