InfoSAWIT, MUMBAI – Crude palm (CPO) contract price at Malaysia Derivatives Exchange increased for the third session in a row on Tuesday (12/12/2023). It happened for soyoil got more expensive and the prediction to get decreasing supply.
As quoted from Reuters, CPO reference contract with the code FCPOc3 for February 2024 delivery at Malaysia Derivatives Exchange got more expensive RM 14 per ton or about 0,37% to be RM 3,755 (US$ 802,35) per ton in the early session.
Soyoil with the code BOc2 at Chicago Board of Trade also increased 0,1%.
Malaysian Palm Oil Board (MPOB) would release production data while Reuters’ survey mentioned, palm oil supply in Malaysia by the late of November 2023 decreased for the first time since April. It happened for seasonal decreasing production that would start and exports would keep increasing.
Indonesia would continue biodiesel mixture up to 35% in 2024 and allocated 13,41 million kiloliters biodiesel for next year or one million kiloliters higher than 2023 allocation.
Palm oil has something to do with other vegetable oils because they compete to get part in vegetable oil trade globally. (T2)
