PALMOILMAGAZINE, KUALA LUMPUR – The contract price for Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange (Bursa Malaysia) experienced a decline on Friday (1/12/2023), reaching the lowest level since October 2023.
This marked the second consecutive week of losses, attributed to the overall decrease in prices of other vegetable oils and reduced demand.
According to Reuters, the reference price for CPO (code: FCPOc3) for February 2024 delivery at the Malaysia Derivatives Exchange decreased by RM 51 per ton or approximately 1.31%, settling at RM 3,844 (US$ 823.13) in early trading, reaching the lowest point since November 24.
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Despite the 1.44% decrease for the week, the monthly price still showed an overall increase of 5.87% for November 2023.
Cargo surveyor – Intertek Testing Services and AmSpec Agri Malaysia, Thursday, mentioned that palm oil exports from Malaysia in November could be increasing between 2% and 11% from the previous month.
Many analysts claimed the lack of new purchase from palm oil importer countries happened because the high stocks and decreasing demands burdened the price.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,51%, CPO price with the code DCPcv1 also decreased 1,7%. Soyoil price at Chicago Board of Trade BOcv1 did too 0,88%, prolonged the two day – decreasing price.
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- RSPO Certified Sustainable Palm Oil in Indonesia Increases 19%
Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally.
Malaysia ringgit (MYR) got cheaper 0,28% towards dollar that made palm oil more interesting for the traders that have other foreign currency. (T2)
