KUALA LUMPUR (Dec 29): Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives (BMD) ended slightly higher on Thursday despite the weakness in commodities futures prices.
Mumbai-based Sunvin Group commodity research head Anilkumar Bagani said CPO futures bucked the trend despite the lower Chicago Board of Trade’s (CBOT) soy oil futures and crude oil futures overnight and weakness in Dalian Commodity Exchange RBD Palm olein futures in Asian hours on Thursday.
KUALA LUMPUR (Dec 28): Malaysian benchmark crude palm oil (CPO) spot prices will average US$850 (RM3,763.80) per tonne in 2023, significantly lower than US$1,175 per tonne in 2022, according to Fitch Ratings.
In a statement on Tuesday (Dec 27), the rating agency said benchmark prices have rebounded to above US$850 per tonne in the fourth quarter of 2022 (4Q2022), from the end-September level of around US$700 per tonne.
(Dec 27): Palm oil posted its biggest advance since July as China's decision to end quarantine for inbound visitors buoyed expectations that demand in one of the world's top consumers of edible oils will improve.
China will no longer subject inbound travellers to quarantine from Jan 8, 2023, putting the country on track to emerge from three years of self-imposed global isolation under a Covid Zero policy that battered the economy and stoked historic public discontent.