PALMOILMAGAZINE, JAKARTA – The contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange witnessed a decline on Thursday, November 16, 2023, attributed to the reduced cost of soyoil at the Chicago Board of Trade.
According to Reuters, the reference contract price for CPO with the code FCPOc3, set for January 2024 delivery at the Malaysia Derivatives Exchange, dropped by RM 9 per ton or approximately 0.22%, reaching RM 4,009 (US$ 851.17) per metric ton during the early session.
Meanwhile, the soyoil contract price at the Chicago Board of Trade, coded as BOcv1, decreased by 0.57%, whereas at the Dalian Exchange with the code DBYcv1, it increased by 0.66%. Additionally, the CPO contract price with the code DCPcv1 experienced a rise of 0.71%.
Also Read : CPO Price at Malaysia Exchange Drops RM43 Per Ton on Tuesday (19/9)
The cheaper soybean delivered impacts to the cheaper soyoil that competed with palm oil to get vegetable oil trade in the globe.
The Government of Indonesia planned to decide CPO reference price to be US$ 750,54 per metric ton on 16 – 30 November or increases from the first 15 days in November that was US$ 748,93 per ton.
Still from Reuters, palm oil in vegetable oil trade in Europe increased for the second day in a row on Wednesday with the increasing contract price. It happened for other vegetable oil got more expensive. CPO was about US$ and US$ 30 per ton to increase.
Also Read :
- Palm Oil Research Program to Develop Sustainable Palm Oil Industry
- RSPO Certified Sustainable Palm Oil in Indonesia Increases 19%
- Reaffirms Commitment to Develop Indonesia’s Sustainable Palm Oil Sector
- Palm Oil Research Program to Develop Sustainable Palm Oil Industry
- Advocating for Transparency in Palm Oil Audits
Independent inspection company – AmSpec Agri mentioned, palm oil exports from Malaysia on 1 – 15 November increased 6,4% to be 645.590 tons compared to on 1 – 15 October that reached 606.980 tons. Cargo surveyor – Societe Generale de Surveillance predicted that palm oil exports from Malaysia on 1 – 15 November reached 602.510 metric tons. (T2)
