InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange got better, Tuesday (23/5/2023). It recovered the cheaper price in the previous session, including for the main factor – ringgit currency got cheaper toward US dollar though it was predicted that palm oil production would be increasing as the traders’ consideration.

As quoted from Reuters, CPO reference price with the code FCPOc3 for August 2023 delivery at Bursa Malaysia Derivatives Exchange increased RM 25 or about 0,73% to be RM 3.453 (US$ 778,58) per ton in the early session.

As in the official statement from research result by Refinitif, palm oil stocks in China and India start decreasing because the increasing import quota. Refinitif predicted that palm oil production could be increasing for the dryer season this year and would be better to harvest process.

Until now ringgit Malaysia got cheaper 0,26% towards US dollar. As the impact, many commodities got cheaper for the traders that have foreign currency.

Soyoil contract at Dalian with the code DBYcv1 got cheaper 0,5% while CPO contract with the code DCPcv1 increased 0,03%. Soyoil price at Chicago Board of Trade with the code BOcv1 got cheaper 0,2%.

Palm oil has something to do with other vegetable oils because they compete to get part in vegetable oil markets globally. (T2)