PALMOILMAGAZINE, JAKARTA – The price of Crude Palm Oil (CPO) at the Malaysia Derivatives Exchange experienced its fourth consecutive decrease on Wednesday (6/12/2023), reaching the lowest level since November 1, 2023.
This decline was influenced by the decreased prices of other vegetable oils, although there is a possibility that the stock by late November 2023 could also be lower.
According to Reuters, the reference contract for CPO with the code FCPOc3, set for delivery in February 2024 at the Malaysia Derivatives Exchange, dropped by RM 81 per ton or approximately 2.14%, settling at RM 3,700 (US$ 792.12) per ton by midday.
Also Read : Malaysian Crude Palm Oil (CPO) Prices Rise Amid Increased Costs for Other Vegetable Oils on Monday (30/10)
A trader in Kuala Lumpur said that the big demands for olein product in Dalian Exchange encouraged CPO price to get cheaper. “Though there were some buyers that postponed the losses,” he said, as quoted from Reuters.
Soyoil contract price at Dalian with the code DBYcv1 also decreased 1,98%, CPO contract price with the code DCPcv1 also decreased 3,43%. Soyoil price at Chicago Board of Trade BOc2 did too 0,22%.
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Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil trade in the globe.
Refinitiv Commodities Research mentioned the cheaper vegetable oils and gas fuel become the burden for CPO that was in fluctuation because other vegetable oils did get cheaper but the decreasing stocks would limit the cheaper price. (T2)
