InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange on Thursday (23/11/2023) decreased after increasing for three sessions in a row. It happened for the cheaper crude oil at Dalian Exchange but the traders still waited for data production.

CPO reference contract price with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 34 or about 0,85% to be RM 3,954 (US$ 845,23) per metric ton in the midday.

Sathia Varqa, senior analyst in Fastmarkets Palm Oil Analytics thought that some did profit action. This encouraged crude oil and soyoil got cheaper at Chicago Board of Trade last night. “This delivered impact to make CPO price decrease,” he said, as quoted from Reuters.

Soyoil contract price at Dalian with the code DBYcv1 decreased 1,30%, CPO contract price with the code DCPcv1 did too 1,04%. Chicago Board of Trade was close for Thanksgiving holiday.

CPO has something to do with soyoil price because they compete to get part in vegetable oil markets globally.

Many traders waited for production data from Malaysian Palm Oil Association on 1 November - 20 November that would be released this week, as Varqa from Fastmarkets, said.

“The expectation is that monthly output would be lower after it increasing for months in a row,” he said. (T2)