InfoSAWIT, MUMBAI – Crude palm oil (CPO) contract price at Malaysia Derivative Exchange continued the increasing price in the early trade on Friday (15/12/2023). It was supported by the decreasing production in December 2023 in the main producer countries because of dry season and decreasing stocks.

As quoted from Reuters, CPO reference contract for February 2024 delivery at Malaysia Derivatives Exchange got more expensive RM 16 per ton or about 0,43% to be RM 3.704 (US$ 793,66) per ton in the early session.

Malaysia Palm Oil Board (MPOB) mentioned that palm oil stock in the country by the late of November 2023 decreased for the first time in seven months because of the decreasing production to the exports.

Meanwhile the Government of Indonesia planned to establish CPO reference price per metric ton on 16 - 31 December that decreased to be US$ 767,51 to the previous two weeks, which was US$ 795,14.

Cargo surveyor reported that on 1 - 10 November palm oil exports from Malaysia decreased to be 4,1% to the previous period that increased about 7,4%.

Still from Reuters, soyoil at Chicago Board of Trade with the code BOc2 increased 0,76%.

Palm oil has something to do with other vegetable oil price because they compete to get parts in vegetable oil trade globally. (T2)