InfoSAWIT, JAKARTA – Crude palm oil (CPO) contract price at Malaysia Derivatives Exchange decreased for the fifth session on Thursday (7/12/2023) in a row. it was the longest period since the midst of September 2023. It also happened for other vegetable oils got cheaper, crude oil did too, and Malaysia ringgit got decreased that limited the losses.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 20 per ton or about 0,54% to be RM 3,699 (US$ 791,74) per metric ton.
It means it hit the lowest level in the past six weeks from the previous one, which was at RM 3.641 per metric ton.
A trader in Kuala Lumpur said that the markets got recovered from the previous losses. The markets were also oversold and reflected correctively.
Still from Reuters, soyoil contract price at Dalian with the code DBYcv1 decreased 0,9%, CPO contract price with the code DCPcv1 also decreased 1,06 %. Soyoil price at Chicago Board of Trade BOc2 increased 1,42 %.
Palm oil has something to do with other vegetable oil because they compete to get part in vegetable oil trade globally.
Malaysia ringgit, as the official currency in palm oil trade got decreased 0,13% towards US dollar. This made palm oil more interesting for those having foreign currency.
Indonesia would continue to mix biodiesel up to 35% in 2024 and allocated 13,41 million kiloliters of biodiesel for next year. The numbers got higher than 13,15 million kiloliters allocated in 2023. (T2)
