CPO Price Rise at Malaysia Exchange Surged 0.37%, Driven by Expensive Soyoil

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CPO storage tank. Photo by: palmoilmagazine.com

PALMOILMAGAZINE, MUMBAI – The Crude Palm Oil (CPO) contract price at the Malaysia Derivatives Exchange witnessed its third consecutive increase on Tuesday (12/12/2023). This surge was influenced by the rising cost of soyoil and predictions of a reduction in the overall supply.

According to Reuters, the CPO reference contract with the code FCPOc3, set for delivery in February 2024 at the Malaysia Derivatives Exchange, saw a rise of RM 14 per ton, equivalent to about 0.37%, reaching RM 3,755 (US$ 802.35) per ton during the early session.

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Similarly, Soyoil with the code BOc2 at the Chicago Board of Trade also experienced a 0.1% increase. The Malaysian Palm Oil Board (MPOB) is expected to release production data, and according to a Reuters’ survey, palm oil supply in Malaysia decreased by the end of November 2023 for the first time since April.

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This decline is attributed to the anticipated seasonal decrease in production, while exports are expected to continue increasing.

Indonesia has announced its plan to maintain a biodiesel mixture of up to 35% in 2024 and has allocated 13.41 million kiloliters of biodiesel for the next year, marking an increase of one million kiloliters compared to the 2023 allocation. The palm oil industry is interconnected with other vegetable oils as they compete for a share in the global vegetable oil trade. (T2)

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