InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange got decreased on Friday (1/12/2023) to the lowest level since October 2023. It was the loss for the second week because other vegetable oil got cheaper and the decreasing demands.

As quoted from Reuters, CPO reference price with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 51 per ton or about 1,31% to be RM 3,844 (US$ 823,13) in the early trade to the daily lowest level since 24 November.

It got cheaper 1,44% this week though in monthly price it still increased 5,87% in November 2023.

Cargo surveyor - Intertek Testing Services and AmSpec Agri Malaysia, Thursday, mentioned that palm oil exports from Malaysia in November could be increasing between 2% and 11% from the previous month.

Many analysts claimed the lack of new purchase from palm oil importer countries happened because the high stocks and decreasing demands burdened the price.

Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 1,51%, CPO price with the code DCPcv1 also decreased 1,7%. Soyoil price at Chicago Board of Trade BOcv1 did too 0,88%, prolonged the two day – decreasing price.

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

Malaysia ringgit (MYR) got cheaper 0,28% towards dollar that made palm oil more interesting for the traders that have other foreign currency. (T2)