CPO Price at Bursa Malaysia Could Potentially Increase

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CPO Price at Bursa Malaysia Could Potentially Increase

InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange increased, Friday (25/8/2022). It happened for the cheap purchase because other vegetable oil got more expensive and ready to end this week with the increasing price.

CPO reference contract at FCPOc3 for November 2022 delivery at Bursa Malaysia Derivatives Exchange increased 0,56% to be RM 4.282 (US$ 957,51) in the early session. Prior four days in a row, CPO contract at Malaysia Exchange also increased 4,62%.

As quoted from Reuters, cargo surveyor - Intertek Testing Services and independent inspection company - AmSpec Agri predicted, CPO exports from Malaysia on 1 - 25 August increased between 4,9% to 10%, while cargo surveyor - Societe Generale de Surveillance reported CPO exports from Malaysia decreased 0,1%.

Still from Reuters, soyoil price at Chicago Board of Trade BOc2 decreased 0,12%, soyoil contract at Dalian DBYv1 did decrease 0,70% and CPO contract at DCPv1 did too 0,23%.

The Government of Indonesia planned to extend zero CPO export levy until 31 October 2022 as the ways to make smallholders’ fresh fruit bunch get better. Minister of Trade, Zulkifli Hasan told that in the meeting with Indonesian Legislators on Wednesday (24/8/2022).

Reuters’ technical analyst, Wang Tao noted, CPO at FCPOc3 could be at RM 4.085 per ton, but potentially be cheaper to be RM 3.857 per ton. (T2)