PALMOILMAGAZINE, JAKARTA – On Wednesday, (15/11/2023), the contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange saw an uptick, continuing the upward trend observed in previous sessions. This trend was mirrored in the increasing price of soyoil at both the Dalian and Chicago exchanges.
According to information from Reuters, the CPO reference contract with the code FCPOc3, slated for January 2024 delivery at the Malaysia Derivatives Exchange, experienced a rise of RM 45 per ton, equivalent to approximately 1.15%. This brought the price to RM 3,949 (US$ 846.88) per metric ton during the morning session.
Soyoil contract price at Chicago Board of Trade with the code BOcv1 increased 0,27%. Soyoil contract price at Dalian Exchange with the code DBYcv1 did increase 2,12%; CPO contract price with the code DCPcv1 did increase 2,73%.
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Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
CPO price in Europe significantly increased on Tuesday because CPO also increased in Malaysia Derivatives Exchange that reached between US$ 5 and US$ 47,50 per ton.
Still from Reuters, palm oil and sunflower imports in India in 2022/23 increased 24% and 54% for each that reached the highest level because of the increasing consumption and economic price to soyoil.
Cargo surveyor – Societe Generale de Surveillance (SGS) predicted that palm oil exports from Malaysia on 1 – 10 November reached 404.074 tons. (T2)
