Finally, CPO Price Decreased 2,24%

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Finally, CPO Price Decreased 2,24%

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange decreased in the second session in a row, Thursday (9/6/2022), after the main CPO producer in the world, Indonesia started the scheme to accelerate the export and ready to be back in track in the global markets.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange decreased RM 145 per ton or about 2,24% to be RM 6.322 (US$ 1.439,44) per ton in the early trade.

As InfoSAWIT quoted from Reuters, the Government of Indonesia launched CPO export acceleration scheme to the globe within June 2022 target, reaching about 1,4 million tons of CPO and its derivatives, according to the Decision of Minister of Trade Number No. 997 / 2022 about the Decision of Domestic Market Obligation and Domestic Price Obligation in Bulk Palm Cooking Oil Program for the People.

Meanwhile the investor still wait for the demand and supply data from Malaysian Palm Oil Board in May 2022, export data in the early of June 2022 from cargo surveyor which would be released on Friday.

Soyoil contract at Dalian DBYcv1 decreased 1,1%, while CPO contract at DCPcv1 decreased 2,7%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,7%.

Reuters’ technical analyst, Wang Tao predicted, CPO could be remaining neutral at about RM 6.423 – RM 6.577 per ton. (T2)