InfoSAWIT, MUMBAI – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got cheaper on Tuesday (10/10/2023) trade to the lowest level for the last three and a half months because it was afraid that Malaysia got over supply and the production could be much bigger than September 2023 exports.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for December2023 delivery at Malaysia Derivatives Exchange got cheaper RM 56 per ton or decreased about 1,55% to be RM 3,549 (US$ 750,00) per metric in the morning trade.

Prior ringgit currency got decreased to be 3.520 ringgit, or the lowest level since on 23 June 2023.

Survey by Reuters revealed that palm oil stock in Malaysia by the late of September 2023 might be increasing to the highest level since October 2022 even though the exports increased when production also did.

Soyoil contract price at Chicago Board of Trade BOc2 decreased 0,82% in the early session in Asia session.

Palm oil imports in India in September also decreased 26% from last month after the stock hit the highest level.

Crude oil got cheaper a little bit on Tuesday (10/10/2023) after it increased more than 4% in the previous session because the markets considered supply disturbance potential as same as conflict between Israel and Hamas Palestine still takes place.

Crude oil got much more expensive and made palm oil interesting to be biodiesel material. (T2)