InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange got cheaper more than 2% on Thursday (21/7/2022). In the first session it got better but should get cheaper for the cheaper soyoil because the abundant supply prediction.
CPO reference contract at FCPOc3 for October 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 88 per ton or decreased about 2,24% to be RM 3.847 per ton (US$ 863,52) per ton in the early session.
As quoted from Reuters, CPO exports from Malaysia on 1 - 20 July decreased between 2% to 9,6% from the previous month, as cargo surveyor noted on Wednesday (20/7/2022).
CPO demands from Malaysia could be remaining low though it gets cheaper than it in Indonesia which temporarily deleted CPO and its derivative export tax until 31 August 2022.
Soyoil contract at Dalian DBYcv1 decreased 1,7%, CPO contact at DCPcv1 did too 1,9%. Soyoil price at Chicago Board of Trade BOcv1 decreased about 0,7%.
CPO is influenced by other vegetable oil price because they compete to get vegetable oil trade in the globe.
Reuters’ technical analyst, Wang Tao canceled the increasing CPO price to be RM 4.246 per ton and the prediction could happen if it is less than RM 4.057 per ton. (T2)