InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange on Friday (1/9/2023) decreased. It stopped the two previous sessions after it got cheaper because of other vegetable oils got cheaper at Dalian Commodity Exchange.

As quoted from Reuters, CPO reference contract with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange got cheaper RM 12 per ton or about 0,3% to be RM 3,998 (US$ 863,13) per metric ton in the early session.

CPO contract price increased for the past three months in a row in August 2023 that reached 3,4%. On Friday, price index could be increasing in the third week after it increased 1,19% this week.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 0,16%, CPO contract with the code DCPcv1 decreased 0,13%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,67%.

Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets globally.

According to the official statement that InfoSAWIT got, the Government of Indonesia decided CPO reference price for duty and tariff at Palm Oil Plantation Fund Management Agency or known as export tax on 1 – 15 September 2023 which is US$ 805,20/metric ton (MT). The numbers decreased US$ 5,15 or 1,85 percent from those on 16—31 August 2023. (T2)