PALMOILMAGAZINE, JAKARTA – The contract price of crude palm oil (CPO) at the Malaysia Derivatives Exchange witnessed a decline on Friday (17/11/2023), breaking a four-day upward trend, mainly influenced by the decreased prices of soyoil at the Dalian Exchange and Chicago Board of Trade.
According to Reuters, the reference contract for CPO with the code FCPOc3, scheduled for February 2024 delivery at the Malaysia Derivatives Exchange, experienced a reduction of RM 81 per ton or approximately 2.03%, settling at RM 3,917 (US$ 836.61) per metric ton during the early trading session.
Soyoil prices at the Chicago Board of Trade (BOcv1) fell by 0.41%, while soyoil contracts at the Dalian Exchange with the code DBYcv1 decreased by 2.17%. Additionally, the CPO price contract with the code DCPcv1 also saw a decline of 2.13%.
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The Government of Indonesia decided CPO reference price (RP) to decide out fee and tariff on Public Service Obligation Palm Oil Plantation Fund Management Agency (PFMA) or known as levy on 16 – 30 November 2023 would be US$ 750,54/metric ton (MT). The numbers escalated US$ 1,61 or 0,22 percent from the previous period (1 – 15 November 2023) that was US$ 748,93/MT.
CPO in European vegetable oil markets got decreased on Thursday because CPO got cheaper in Malaysia and soyoil got cheaper in Chicago. CPO that should be increased between US$ 5 per ton and US $ 17,50 per ton.
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 the previous month (1 – 15 October) which just 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)