PALMOILMAGAZINE, KUALA LUMPUR – The crude palm oil (CPO) contract price at the Malaysia Derivatives Exchange increased for the second consecutive session on Wednesday (27/12/2023). This rise was attributed to the increased cost of other vegetable oils, despite low trade volume putting pressure on the markets.
As reported by Reuters, the CPO contract price with the code FCPOc3, set for March 2024 delivery at the Malaysia Derivatives Exchange, rose by RM 19 per ton, or approximately 0.50%, reaching RM 3,782 (US$ 816.85) per ton by midday.
A trader in Kuala Lumpur noted that CPO was being offered at around RM 3,775 to 3.785 due to minimal activity, as some traders were still on holiday.
Also Read : CPO Prices on Malaysia Exchange Drop by RM 36 per Ton on Thursday
The soyoil contract price at Dalian with the code DBYcv1 increased by 1.05%, CPO contract price with the code DCPcv1 did too 1,09 %. Soyoil price at the Chicago Board of Trade BOcv1 also increased 0.19%.
CPO has something to do with other vegetable oils because they compete to get part of the vegetable oil trade globally. (T2)
