PALMOILMAGAZINE, MUMBAI – The Crude Palm Oil (CPO) contract price at the Malaysia Derivatives Exchange saw a consecutive increase for the fourth session on Tuesday (19/12/2023).
This uptrend was driven by diminishing stocks and growing concerns about the upcoming dry season, which is anticipated to adversely impact production.
According to information from Reuters, the CPO reference contract coded FCPOc3, scheduled for delivery in March 2024 at the Malaysia Derivatives Exchange, rose by RM 37 per ton, representing an approximately 0.99% increase, reaching RM 3,782 (US$ 808.64) per ton by midday.
A trader in Mumbai noted that the surge in CPO prices was attributed to declining stocks and forecasts of reduced production.
Also Read: CPO Price at Malaysia Exchange Decreased 0,54 Percent
Indonesian Palm Oil Association (IPOA) reported that the October 2023 total exports increased 11,4% to be 3,00 million tons from 2,69 million tons in September.
The biggest increasing exports happened for oleochemical about 21,9% from 333 thousand tons in September to be 406 thousand tons in October, then CPO products about 12,4% from 1,96 million tons in September to be 2,21 million tons in October.
Cargo surveyor – Intertek Service mentioned, palm oil exports from Malaysia in the first two weeks of December decreased 13,6% month on month bulan to be 591.490 metric tons.
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Still from Reuters, soyoil at Chicago Board of Trade with the code BOc2 also decreased 0,14%.
Palm oil imports in India in November also increased up to the highest level in the past three months or almost 23% from those in October because the distillers chose palm oil to soyoil and sunflower oil because of more economic price. (T2)
