The price of crude palm oil (CPO) on the Bursa Malaysia Exchange was observed to strengthen in the early trading session at the beginning of the week, Monday (21/8/2023) breaking a three-day consecutive strengthening since August 15. Launching Refinitiv, CPO prices in the early trading session were observed to rise 1.78% to MYR 3,940 per ton at 10:00 WIB. With this strengthening, the price is optimistic entrenched at the level of 3,900. In trading last weekend (18/8/2023), CPO prices ended down 1.33% to MYR 3,871 per ton. With this, throughout last week's trading the price shot up 4.14%, a slight correction of 0.18% occurred on a monthly basis, and still fell 7.26% on an annual basis. The strengthening of CPO earlier this week was still influenced by strong demand sentiment so that exports also rose, weaker ringgit and stronger rival vegetable oils.
Based on data from cargo surveyor Intertek Testing Services, Malaysia's exports of palm oil products for Aug. 1-20 rose 9.8% to 827,975 metric tons from 754,214 metric tons shipped during the July 1-20 period. However, higher medium-term palm oil inventories and revised Indian export duties on palm oil and soft oils pressured prices. On the rival oil side, Dalian's most active soyoil contract DBYcv1 rose 0.7%, while the DCPcv1 palm oil contract rose 0.7%. Soyoil on the Chicago Board of Trade BOcv1 fell 0.08%. Palm oil is affected by price movements of related oils as they compete for a share in the global vegetable oil market. On the other hand, the European Union (EU) said on Thursday (17/8/2023) that it had launched an investigation into whether biodiesel from Indonesia evaded EU duties by going through China and the UK.
Thursday, 24 August 2023 03:37
Supported By Strong Exports, Crude Palm Oil Prices Shot Up More Than 1%
