InfoSAWIT, JAKARTA – Crude palm oil (CPO) at Malaysia Derivatives Exchange was cheaper on the floor on Tuesday (5/9/2023). It decreased for the second session in a row because other vegetable oils at Dalian and Chicago Board of Trade (CBOT) got cheaper.
As quoted from Reuters, CPO reference contract with the code (FCPOc3) for November 2023 delivery at Malaysia Derivatives Exchange decreased RM 52 or about 1,28% to be RM 3,935 (US$ 845,15) per metric tons in the early session.
Soyoil contract price at Dalian Exchange with the code DBYcv1 did decrease 0,78%, CPO contract with the code DCPcv1 did too 1,30%. Soyoil price at Chicago Board of Trade BOcv1 also decreased 0,9%.
Palm oil output in the second biggest palm oil country in the world could increase 6,83% to be 1,72 million metric tons, the highest level since November.
“The production gets increasing and might be hit the top in October before rainy season comes,” Director of Broker Pelindung Bestari in Selangor, Paramalingam Supramaniam said, as quoted from The Edge Malaysia.
August vegetable oil imports in India increased 5 % to be 1,85 million metric tons because many refinery purchased more than 1 million tons of palm oil for the past two months in a row to multiply their stocks heading to religious days. (T2)
