InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Malaysia Derivatives Exchange decreased on Wednesday (29/11/2023) because other vegetable oils got cheaper at Dalian Exchange and the increasing ringgit currency.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 25 per ton or about 0,64% to be RM 3,872 in the early session.

Malaysia ringgit (MYR) increased 0,58% towards dollar and made palm oil more expensive for the traders that traded in other currency.

Crude oil increased on Wednesday because there was a storm in the Black Sea that disrupted oil exports from Kazakhstan and Russia and delivered impacts to the increasing worry about limited supply. The investors still waited for decision from Organization of Petroleum Exporting Countries (OPEC +) that would extend the decreasing production.

Still from Reuters, soyoil contract price at Dalian Exchange with the code DBYcv1 decreased 0,05%, CPO contract price with the code DCPcv1 also decreased 1,11%. Soyoil price at Chicago Board of Trade with the code BOcv1 decreased 0,23% after yesterday’s leap when it was expected that hot weather and dry season in Brazil would minimize soybean harvest in the main soyoil producer country. (T2)