CPO Price Increased 1,7% for The Expensive Soyoil

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CPO Price Increased 1,7% for The Expensive Soyoil

InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange, Tuesday (21/6/2022) got better for the expensive vegetable oil at Dalian Commodity Exchange. Prior CPO price got decreasing to the lowest level since 4 January 2022.

CPO reference contract at FCPOc3 for September 2022 delivery at Bursa Malaysia Derivatives Exchange got increasing RM 87 or about 1,75% to be RM 5.068 (US$ 1.152,34) per ton in the early trade.

As quoted from Reuters, vegetable oil price at Dalian Commodity Exchange got better in the morning session. Soyoil did not decrease just like CPO. “From the price gap, CPO would be getting more expensive,” a trader in Kuala Lumpur mentioned.

CPO contract price decreased almost 9% on Monday (20/6/2022) and became the worst decreasing price since 28 January 2022 after it booked the worst weekly session in the past six weeks.

Ministry of Trade reported, Export Approval which was published reached more than 1,4 million tons based on domsetic market obligation (DMO) scheme and export acceleration program, last Monday.

Malaysia’s CPO exports on 1 - 20 June 2022 decreased 10,5% to be 738,368 tons from the previous period that reached 824,589 tons, as cargo surveyor, Intertek Testing Services noted, last Monday too.

Soyoil contract at Dalian DBYcv1 decreased 2,03%, while CPO contract at DCPcv1 did too 2,28%. Soyoil price at Chicago Board of Trade BOcv1 was on the floor 1,06% lower.

Reuters’ technical analyst, Wang Tao predicted, CPO could be at RM 5.086 to RM 5.204 per ton. (T2)