PALMOILMAGAZINE, KUALA LUMPUR – On Wednesday (29/11/2023), the price of crude palm oil (CPO) at Bursa Malaysia experienced a decrease, influenced by the reduced prices of other vegetable oils at the Dalian Exchange and the strengthening Malaysian ringgit currency.
According to Reuters, the reference contract price for CPO with the code FCPOc3, set for February 2024 delivery at the Malaysia Derivatives Exchange, dropped by RM 25 per ton or approximately 0.64%, reaching RM 3,872 in the early session.
Simultaneously, the Malaysian ringgit (MYR) appreciated by 0.58% against the dollar, resulting in palm oil becoming more expensive for traders dealing in other currencies.
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Crude oil increased on Wednesday because there was a storm in the Black Sea that disrupted oil exports from Kazakhstan and Russia and delivered impacts to the increasing worry about limited supply. The investors still waited for decision from Organization of Petroleum Exporting Countries (OPEC +) that would extend the decreasing production.
Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 decreased 0,05%, CPO contract price with the code DCPcv1 also decreased 1,11%. Soyoil price at Chicago Board of Trade with the code BOcv1 decreased 0,23% after yesterday’s leap when it was expected that hot weather and dry season in Brazil would minimize soybean harvest in the main soyoil producer country. (T2)
