InfoSAWIT, SINGAPORE – Crude palm oil (CPO) at Malaysia Derivatives Exchange got cheaper on Thursday (21/9/2023). It hit the lowest level this week because other vegetable oils and crude oil got cheaper and ringgit currency did too.

As quoted from Reuters, CPO reference contract with the code FCPOc3 for December 2023 delivery at Malaysia Derivatives Exchange decreased about 1% or RM 37 per ton to be RM 3,683 (US$ 785,62) per metric ton in the morning trade. It was the lowest price since 13 September 2023.

Cargo surveyor, Intertek Testing Services reported that palm oil exports from Malaysia on 1 - 20 September 2023 escalated 2,4% compared to August 2023 in the same period. While independent inspection company, AmSpec Agri Malaysia noted, palm oil export from the country in the same period escalated 1,8%.

Ringgit Malaysia (MYR) as the official currency in palm oil trade got cheaper 0,13% towards US dollar. This made the commodity better for the traders having foreign currency.

Still from Reuters, soyoil contract at Dalian with the code DBYcv1 decreased 2,3%, CPO contract with the code DCPcv1 did too 1%. Soyoil price at Chicago Board of Trade BOcv1 also decreased 0,7%.

Palm oil has something to do with other vegetable oils because they compete to get parts of vegetable oil trade globally. (T2)