InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange, Friday (29/7/2022) got better for the expensive soyoil at Dalian Commodity Exchange. According to price reference contract, this would be the weekly increasing price for the second time in a row.
CPO reference contract at FCPOc3 for October 2022 delivery at Bursa Malaysia Derivatives Exchange increased about 3,46% to be RM 4.094 (US$ 920,62) per ton in the early session and ended this week by the better price.
As quoted from Reuters, soyoil contract at Dalian DBYcv1 increased 3,50%, CPO contract at DCPcv1 did too 4,61% while soyoil price at Chicago Board of Trade BOcv1 decreased 0,08%.
CPO has something to do with other vegetable oils because they compete to get portion in vegetable oil markets in the globe.
The increasing crude oil in the exchange made CPO more interesting to be biodiesel material.
Prior the Government of Indonesia did relaxation to domestic market obligation and domestic price obligation (DMO and DPO). But Ministry of Trade confirmed the policy would remain available to guarantee the stable palm cooking oil material. The stable daily need supply would maintain bulk and premium palm cooking oil price and supply, stable.
The relaxation about DMO and DPO runs if every palm cooking oil producer and CPO industry commit to guarantee the supply continuously, as Minister of Trade, Zulkifli Hasan told, as in the official statement to InfoSAWIT, Thursday (28/7/2022).
According to Reuters, CPO could be at RM 4,085 per ton and potentially increasing about RM 4,269 per ton. (T2)