InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange decreased on Wednesday (14/9/2022). It happened for the investors got profits after it increased for the three days in a row when the prediction said the abundant production and the decreasing currency of ringgit that muffled the losses.
As quoted from Reuters, CPO reference contract at FCPOc3 for November 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 65 per ton or 1,67% to be RM 3.833 (US$ 847.45) per ton in the session.
Soyoil contract at Dalian DBYcv1 got cheaper 0,04%, CPO contract at DCPcv1 increased 0,9%. Soyoil price at Chicago Board of Trade BOcv1 did increase 0,3%.
Still from Reuters, palm oil plantations in Malaysia are in peak season and the harvest increased 9,7% in August compared to the previous month, as Malaysian Palm Oil Board mentioned. Meanwhile the analysis predicted, the production would remain strong in September before it decreases in the fourth quarter of 2022.
CPO has something to do with other vegetable oil price because they compete to get parts in vegetable oil markets in the globe.
Reuters’ technical analyst, Wang Tao noted, CPO could face the strong resistance at RM 3.916 per ton, and could be cheaper to be RM 3.686. (T2)