InfoSAWIT, JAKARTA - Crude palm oil price at Malaysia Derivatives Exchange increased on Wednesday (13/9/2023) after it got cheaper for seven sessions in a row. The increasing price happened for the better soyoil price in Chicago Board of Trade.

As quoted from Reuters, CPO reference contract with the code FCPOc3 for November 2023 delivery at Malaysia Derivatives Exchange increased RM 11 or about 0,30% to be RM 3,694 (US$ 790,16) per metric ton in the early session.

Still from Reuters, soyoil contract at Dalian Exchange with the code DBYcv1 decreased 0,15%, CPO contract with the code DCPcv1 decreased 0,27%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,57%.

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

Palm oil imports in European Union in 2023/24 reached 634,515 tons on 8 September, or lower than 736,716 tons in the previous year.

Malaysian Palm Oil Board (MPOB) reported on Monday that palm oil stock in the country by the late of August increased 22,5 % from the previous month to be 2,12 million tons, the highest numbers in the past seven months because of the increasing production and slow exports.

Cargo surveyor - Intertek Testing Services mentioned, that palm oil exports from Malaysia on 1 - 10 September decreased 11,2% from the previous month. (T2)