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CPO Price at Malaysia Exchange Slightly Got Cheaper after Export Levy in Indonesia is Extended



CPO Price at Malaysia Exchange Slightly Got Cheaper after Export Levy in Indonesia is Extended

InfoSAWIT, KUALA LUMPUR – Crude palm oil at Bursa Malaysia Derivative Exchange slightly got cheaper on Thursday (1/9/2022), as same as other vegetable oil price got cheaper in the exchange.

As quoted from Reuters, CPO reference contract at FCPOc3 for November 2022 at Bursa Malaysia Derivatives Exchange decreased RM 16 per ton, or about 0,39% to be RM 4.125 per ton in the early session.

The Government of Indonesia came to a conclusion to stop export levy which would be available until 31 October 2022. It was decided in the meeting of Steering Committee of Palm Oil Plantation Fund Management Agency (PFMA), Sunday (28/08/2022). Minister of Finance told the outcome which is regulated in the Regulation of Minister of Finance (RMF) Number 130/Pmk.05/2022 about the Second Substitution on RMF Number 103/Pmk.05/2022 about Service Tariff on Public Service Obligation in Palm Oil Plantation Fund Management Agency in Ministry of Finance as in the release that InfoSAWIT recently got.

In the meantime, Ministry of Trade in the release that InfoSAWIT got on Wednesday (31/8/2022) decided that CPO reference price to decide Out Fee on 1 – 15 September 2022 is US$ 929,66/metric ton (MT). It is more expensive US$ 29,14 or increasing about 3,24 percent from 16 – 31 August 2022 which was US$ 900,52/MT.

Still from Reuters, Malaysia’s CPO exports in August 2022 increased 1,6% to be 1.299.116 tons compared to July exports, as cargo surveyor - Intertek Testing Services released in its report on Wednesday.

The active soyoil contract at Dalian DBYcv1 decreased 0,7%, CPO contract at DCPcv1 did decrease 0,3%. Soyoil price at Chicago Board of Trade BOcv1 did too 1%.

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

 

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