PALMOILMAGAZINE, JAKARTA – The price of Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange declined on Thursday (23/11/2023) following a three-session uptrend. This decrease was influenced by the lower prices of crude oil at the Dalian Exchange, although traders were still awaiting production data.
The reference contract price for CPO with the code FCPOc3, set for delivery in February 2024 at the Malaysia Derivatives Exchange, dropped by RM 34 or approximately 0.85%, reaching RM 3,954 (US$ 845.23) per metric ton at midday.
Sathia Varqa, a senior analyst at Fastmarkets Palm Oil Analytics, suggested that some profit-taking actions took place. This trend was observed in the decline of crude oil and soyoil prices at the Chicago Board of Trade the previous night, impacting the decrease in CPO prices, as reported by Reuters.
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At the Dalian Exchange, the soyoil contract price with the code DBYcv1 decreased by 1.30%, while the CPO contract price with the code DCPcv1 also experienced a 1.04% decrease. The Chicago Board of Trade was closed for the Thanksgiving holiday.CPO has something to do with soyoil price because they compete to get part in vegetable oil markets globally.
Many traders waited for production data from Malaysian Palm Oil Association on 1 November – 20 November that would be released this week, as Varqa from Fastmarkets, said.
“The expectation is that monthly output would be lower after it increasing for months in a row,” he said. (T2)
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