InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange slightly increased on Monday (29/8/2022), It happened for the previous two session got decreasing. But the plan to extend palm oil export levy in Indonesia becomes the consideration and presses the price.
CPO reference contract at FCPOc3 for November 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 30 per ton or about 0,72%, to be RM 4.204 (US$ 937.14) per ton in the early trade.
As in the official statement to InfoSAWIT, In the meeting of the steering committee, Sunday (28/08/2022), it was decided five things, such as, the first, Export Levy about US$ 0 for every product would be available until 31 October 2022; Biodiesel Allocation would be multiplied in 2022; Developing red palm oil; Support Indonesian Sustainable Palm Oil (ISPO) certificate acceleration; and Support Smallholders Replanting Program (SRP).
As quoted from Reuters, soyoil contract at Dalian DBYcv1 decreased 0,1%, CPO contract at DCPcv1 did too 0,8% and so did soyoil price at Chicago Board of Trade BOcv1 which reached 1%.
Reuters’ technical analyst, Wang Tao noted, CPO could be at RM 4.085 per ton, after it was about RM 3.857 per ton. (T2)