January 23, 2023
Average CPO price holds into the new year
1 RM (Malaysian Ringgit) = 0.23 USD
1 USD = 0.81 GBP
*Note, exchange rates are for January 23
Malaysia palm prices CPO Settlement Price RM
Malaysia’s Crude Palm Oil (CPO) settlement price held a close average of 3,966 RM/tonne ($925.45) throughout December to 3,973 RM/tonne ($927.08) from January 3 to 23. However, the month did see some volatility, starting on a high of 4,253 RM/tonne ($992.42) and seeing a period low of 3,795 RM/tonne ($885.54) on January 17.
Forecast: Malaysian palm oil prices are set to fall for the first time in three years in 2023
Market research by Reuters indicates that Malaysian palm oil prices will decline in 2023 as production begins to recover, however, prices are likely to remain at pre-pandemic levels.
“Benchmark palm prices FCPOc3 will average 3,800 ringgit a tonne in 2023, down 23% from last year's record average of 4,910 ringgit, according to the median estimate of a poll of 18 analysts and those in the industry,” reports Reuters.
Indonesia is also expected to see an increase in production.
Disclaimer: The information in this document has been obtained from or based upon sources believed to be reliable and accurate at the time of writing. The document should be for information purposes only and is not guaranteed to be accurate or complete.