PALMOILMAGAZINE, JAKARTA – The contract price of Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange (Bursa Malaysia) witnessed a consecutive decline for the second session on Monday, aligning with the downward trend in other vegetable oils and the strengthened Malaysian ringgit. Traders remained vigilant, awaiting the unfolding developments.
According to Reuters, the reference contract price for CPO with the code FCPOc3, slated for February 2024 delivery at the Malaysia Derivatives Exchange, recorded a decrease of RM 32 per ton, constituting approximately 0.83%, settling at RM 3,842 (US$ 824.46) by midday.
This marks the second consecutive week of decline, with the decrease extending up to 0.49% since the previous week.
Trader in Kuala Lumpur said CPO contract price decreased as same as soyoil that got cheaper in Chicago Board of Trade. “It was helped by our export data that remained good while waiting for other new information in this December,” he said as quoted from Reuters.
Soyoil contract price at Dalian with the code DBYcv1 decreased 0,51%, CPO contract price with the code DCPcv1 also decreased 0,36%. Soyoil at Chicago Board of Trade BOc2 increased 0,21%.
Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally.
According to surveyor companies – Intertek Testing Services and AmSpec Agri Malaysia, palm oil exports from Malaysia in November 2023 could be increasing between 2% and 11% to the previous month. (T2)
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