PALMOILMAGAZINE, JAKARTA The crude palm oil (CPO) price at the Malaysia Derivatives Exchange continued its upward trend on Monday (8/1/2023) for the third consecutive session, driven by the elevated prices of soyoil at the Dalian and Chicago Board of Trade markets.
As reported by Reuters, the reference contract price for CPO with the code FCPOc3, scheduled for delivery in March 2024, experienced an improvement of RM 10 per metric ton, marking a gain of approximately 0.27% to reach RM 3,692 (US$ 794.66) per metric ton during the morning session.
Quoting Reuters, the soyoil contract price at Dalian (code: DBYcv1) rose by 0.65%, and the CPO price (code: DCPcv1) increased by about 1.17%. Similarly, soyoil at the Chicago Board of Trade (code: BOcv1) also saw a rise of 0.36%.
Also Read: CPO Price at Bursa Malaysia Drops 0.64% as Soyoil is Cheaper
The interconnectedness of palm oil and other vegetable oil prices stems from their competition for a share in the global vegetable oil trade. (T2)
