InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange on Thursday (3/8/2023) decreased for the seventh session because it was the same with other vegetable oil though ringgit currency got decreasing towards American dollar.

As quoted from Reuters, CPO reference price with the code FCPOc3 for October 2023 delivery at Bursa Malaysia Derivatives Exchange decreased RM 22 or about 0,56% to be RM 3.893 (US$ 855,23) per metric ton in the early session.

According to the report of Solvent Extractors' Association of India (SEA), July 2023 palm oil imports in India reached 1,09 million tons or increased 683.133 tons compared to June 2023.

CEO Sunvin Group, a vegetable oil broker and consultant company in Mumbai, Sandeep Bajoria said that the economic price between palm oil and soyoil encouraged the refinery (stakeholders) to escalate the purchase heading to festival ceremony.

July 2023 vegetable oil imports in India increased 1,76 million metric tons because many refineries needed stocks to the next festival and the uncertainty supply from Black Sea, as five dealers told Reuters.

On Wednesday (2/8/2023), Russia invaded the main port of Ukraine next to Danube River from Rumania, it made food price globally more expensive. Russia forced its power to prevent Ukraine exporting seeds.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 0,3%, palm oil contract with the code DCPcv1 decreased 0,6%. Soyoil price at di Chicago Board of Trade BOcv1 decreased 0,4%. (T2)