InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Malaysia Derivatives Exchange decreased for the fourth session on Wednesday (6/12/2023) and hit the lowest level since 1 November 2023. It happened for other vegetable oils got cheaper though the stock by the late November 2023 could be lower too.

As quoted from Reuters, CPO reference contract with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 81 per ton or about 2,14% to be RM 3,700 (US$ 792,12) per ton in the midday.

A trader in Kuala Lumpur said that the big demands for olein product in Dalian Exchange encouraged CPO price to get cheaper. “Though there were some buyers that postponed the losses,” he said, as quoted from Reuters.

Soyoil contract price at Dalian with the code DBYcv1 also decreased 1,98%, CPO contract price with the code DCPcv1 also decreased 3,43%. Soyoil price at Chicago Board of Trade BOc2 did too 0,22%.

Palm oil has something to do with other vegetable oil price because they compete to get part in vegetable oil trade in the globe.

Refinitiv Commodities Research mentioned the cheaper vegetable oils and gas fuel become the burden for CPO that was in fluctuation because other vegetable oils did get cheaper but the decreasing stocks would limit the cheaper price. (T2)