InfoSAWIT, JAKARTA – Crude palm oil (CPO) reference price at Malaysia Derivatives Exchange got cheaper on Monday (18/12/2023) because of the slow exports and cheaper soyoil.

As quoted from Reuters, CPO reference contract price with the code FCPOc3 for March 2024 delivery at Malaysia Derivatives Exchange got cheaper RM 12 per ton or about 0,32% to be RM 3.699 per ton (US$ 790,05) per ton in the early session.

Cargo surveyor - Intertek Testing Services mentioned that the first period exports in December 2023 got decreased 13,6% to the previous one to be 591.490 metric tons. While data from Malaysian Palm Oil Board mentioned that by the late of November 2023, CPO stock decreased for the first time in the past seven months because the production decreased more than the exports.

Soyoil at Chicago Board of Trade with the code BOc2 decreased 0,04%. CPO has something to do with other vegetable oil price because they compete to get part in vegetable oil trade globally.

Palm oil imports in November in India increased hardly to the highest level in the past three months or almost 23% to October. It happened because many distillers chose tropical oil to soyoil and sunflower oil because the big discount, as an advance trading agency said. (T2)