InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange increased for the fourth session in a row on Wednesday (24/8/2022), because of more expensive soyoil when the traders concerned about soyoil stock in the United States of America. (USA).
CPO reference contract at FCPOc3 for November 2022 delivery at Bursa Malaysia Derivatives Exchange got better about 1,56% to be RM 4.300 (US$ 958,54) per ton in the early session.
As quoted from Reuters, soyoil price at Chicago Board of Trade BOc2 got increasing 0,8%, soyoil contract at Dalian DBYv1 did too 1,07% and CPO contract at DCPv1 did increase about 1,10%.
CPO has something to do with other vegetable oil price because the compete to get part in vegetable oil trade globally.
The decreasing soyoil production at Chicago Board of Trade escalated the price because corn and soyoil production in Midwest USA decreased beyond the expectation.
Meanwhile CPO stock in Indonesia, as the main producer in the world, Indonesia signed memorandum of understanding (MoU) with India to purchase about 2,6 million tons of CPO or about US$ 3,16 billion, as in the official statement that InfoSAWIT got, Tuesday (23/8/2022).
Reuters’ technical analyst, Wang Tao noted, CPO could be at RM 4.452 per ton and could be better to be about RM 4.680 per ton. (T2)