InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange got cheaper in this week for more than 3%, Monday (1/8/2022). It stopped the increasing rally which took place for the previous four sessions. Soyoil contract at Chicago did too.
CPO reference contract at FCPOc3 for October 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 153 ringgit per ton or decreased about 3,57%, to be RM 4.136 (US$ 929,44) per ton in the early session.
Prior as quoted from Reuters, CPO contract increased 8,4% last week to the highest level and for about three weeks.
Cargo surveyor, Intertek Testing Services reported, on Monday (31/7/2022), CPO exports from Malaysia in July increased 0,8% to be 1.278.579 tons from 1.268.523 tons in June 2022 exports.
Soyoil contract at Dalian, DBYcv1 increased 0,5%, CPO contract at DCPcv1 did too 0,3%. But soyoil price at Chicago Board of Trade BOcv1 decreased 1,5%.
CPO is influenced by other vegetable oil price because they compete to get the markets in vegetable oil trade globally.
Reuters’ technical analyst, Wang Tao noted, CPO could be at RM 4.452 per ton and potentially increasing to be RM 4.680 per ton. (T2)