PALMOILMAGAZINE, JAKARTA – The contract price of crude palm oil (CPO) at the Malaysia Derivatives Exchange saw an increase on Friday, December 8, 2023. This change was influenced by the rising costs of other vegetable oils, putting a halt to the declining trend observed in the previous five sessions.
According to information from Reuters, the reference contract price for CPO with the code FCPOc3, set for February 2024 delivery at the Malaysia Derivatives Exchange, rose by RM 48 per ton or approximately 1.30%, reaching RM 3,750 (US$ 803.86) by midday. However, despite this midday increase, the overall CPO price experienced a 3.20% decrease for the week.
Traders were anticipated to capitalize on potential profits by the end of the week while awaiting data from the Malaysian Palm Oil Board, scheduled for publication on December 12, 2023.
Also Read : CPO Price at KPBN Tender Rose 1,21 Percent on Friday (8/12)
Still from Reuters, the soyoil contract price at Dalian with the code DBYcv1 increased 1,82%, CPO contract price with the code DCPcv1 also increased 2,62%. Soyoil price at Chicago Board of Trade BOc2 increased 0,16%.
Palm oil has something to do with other vegetable oil price because they compete to get part in palm oil trade globally.
Malaysia ringgit, the official currency in palm oil trade got increased 0,15% towards US dollar and made palm oil more interesting for those that traded in foreign currency. (T2)
