PALMOILMAGAZINE, MUMBAI – Palm oil futures on the Malaysian Exchange continued to rise in early trade on Friday (15/12/2023), supported by a decline in December production in major producing countries, due to dry weather and falling stocks.
According to Reuters, the price of the benchmark palm oil contract for February 2024 delivery on the Bursa Malaysia Derivatives Exchange rose RM 16 per tonne or 0.43% to RM 3,704 (US$ 793.66) per tonne in early trade.
Referring to a report from MPOB, Malaysia’s palm oil stocks at the end of November 2023 fell for the first time in seven months, due to a higher drop in production than exports.
Also Read : Palm Oil Prices on Bursa Malaysia Decline by 1.7% on Tuesday (31/10)
Meanwhile, the Indonesian government plans to set the reference price of crude palm oil (CPO) per metric ton for the December 16-31 period down to US$ 767.51 compared to the previous two-week period pegged at US$ 795.14.
From the cargo surveyor’s report, for the period November 1-10, 2023, Malaysian palm oil exports were recorded to have fallen 4.1% compared to the previous period which saw an increase of around 7.4%.
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Still reported by Reuters, on the Chicago Board of Trade exchange, the price of the soybean oil contract coded BOc2 rose 0.76%.
Palm oil prices are affected by the price movements of other vegetable oils as they compete for a share of the global vegetable oil market. (T2)
