InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange extended the increasing price to be more expensive on Wednesday (24/8/2022). It happened for the positive sentiments.
Chief of Commodity Researcher of Sunvin Group in Mumbai, Anilkumar Bagani said, the local markets were influenced by the increasing moment of soyoil contract price at Chicago Board of Trade (CBOT) and the uncertainty in vegetable oil session at Chinese Exchange.
He thought, the long heat in soyoil plantations in the United States of America (USA) could potentially fail soyoil production and would make it more expensive.
“But the (price) rally at soyoil CBOT has been fully neutralized by the falling of soyoil base in South America and bullish sentiment which changed to be purchase in vegetable oil market today,” he said, as quoted from Bernama.
Meanwhile in the end of CPO contract for September 2022 got increasing RM 63 to be RM 4,290 per ton, October 2022 increased RM 70 to be RM 4,304.0/ton, November 2022 increased RM 74 to be RM 4,308/ton and December 2022 increased RM 78 to be RM 4,325/ton.
In January 2023 it increased RM 78 to be RM 4,354/ton and Februari 2023 increased RM 68 to be RM 4,379/ton. The total volume increased to be 88.582 lot than 74.769 lot on Tuesday (23/8/2022), while the open interest got wider to be 264.898 contracts which were only 253.122 contract in the previous.
As quoted from The Edge Markets, physical CPO price in September would be RM 70 or more expensive than RM 4.350 per ton. (T2)