CPO Price on Malaysian Exchange Drops to Lowest Level in Two Weeks

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Fresh palm fruit bunches that have just been harvested. Photo by: Palmoilmagazine.com

PALMOILMAGAZINE, KUALA LUMPUR – The contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange reached its lowest point in the last two weeks on Monday (27/11/2023).

This decline was influenced by the reduced costs of crude oil and other vegetable oils traded on the Dalian Exchange, although the rise in exports limited the overall decrease.

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According to Reuters, the CPO contract price with the code FCPOc3, scheduled for delivery in February 2024 at the Malaysia Derivatives Exchange, decreased by RM 26 per ton or approximately 0.67%, settling at RM 3,864 (US$ 825.99) per metric ton in the early session. This marked the lowest price recorded since November 17, 2023.

Also Read : Monday Sees Decrease in CPO Price at Malaysian Exchange

The independent inspection company, AmSpec Agri Malaysia, reported on Friday that palm oil exports from Malaysia between November 1 and November 25, 2023, increased by 7.2% to reach 1.15 million tons compared to the previous month, which stood at 1.08 million tons between October 1 and October 25, 2023.

Cargo surveyor – Intertek Testing Services mentioned on Friday that palm oil exports from Malaysia on 1 – 25 November increased 13,6% to be 1,26 million tons from the previous which reached 1,11 million tons on 1 – 25 October 2023.

Still from Reuters, soyoil contract at Dalian with the code DBYcv1 decreased 0,76%, CPO contract with the code DCPcv1 decreased 1,0%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,5%.

Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil markets globally. (T2)

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