infosawit

CPO Price Hit the Cheapest Level



Doc. NST
CPO Price Hit the Cheapest Level

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange hit the lowest level for the past two months, Monday (13/6/2022). It extended the loss in the fourth session in a row because of the decreasing crude oil price and Indonesia’s plan to accelerate CPO exports. These pressed the price.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange decreased RM 124 per ton or about 2,09% to be RM 5.796 (US$ 1.313,09) per ton, it was the cheapest level since 8 April 2022 or decreased about 8,3% in last week.

The Government of Indonesia is figuring out to accelerate (crude) palm oil exports, by publishing CPO Out Fee and Tax through Palm Oil Plantation Fund Management Agency (PFMA).

From what InfoSAWIT got per 14 June 2022  export tax is available still according to Regulation of Minister of Finance (RMF) Number 23 / 2022 about the Third Substitution on RMF Number 57 / 2020 about Service Tariff on PFMA in Ministry of Finance. The CPO citation tariff is available within some conditions within the maximal numbers at US$ 200/metric ton (MT) until 31 July 2022, and would be at US$ 240/MT per 1 August 2022.

Prior on Monday (13/6/2022) Ministry of Finance published RMF Number 103/PMK.05/2022 about Service Tarif on PFMA in Ministry of Finance within the highest numbers at US$ 200/ton.

As quoted from Reuters, the CPO final stock in Malaysia decreased because the exports increased in the past five months while the production does not change, as Malaysian Palm Oil Board (MPOB) mentioned, Friday.

CPO price decreased more than US$ 2 because the increasing Covid-19 cases in Beijing and shut the hope down to accelerate fuel material demands in China. The worry about inflation and economic progress in the globe really press the markets.

The active soyoil contract at Dalian DBYcv1 decreased 1,3%, while CPO contract at DCPcv1 did too 2,6%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,2%.

Reuters’ technical analyst, Wang Tao predicted, CPO could be decreasing to be at RM 5.702 per ton. (T2)


READ MORE ON GOOGLE NEWS.