InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange got better on Tuesday (20/9/2022) after it decreased in three sessions because the traders considered the prediction of increasing production. But the strong imports were from India as the main buyers namely heading to Diwali – the religious day in the country.
CPO reference contract at FCPOc3 for December 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 30 per ton or about 0,81% to be RM 3.730 (US$ 819,78) in the early session.
As quoted from Reuters, Indonesia regulated to temporarily stop the export levy and Out Fee reference for every two weeks to empty CPO tanks of the companies.
Meanwhile palm oil production in Malaysia could be increasing in September 2022 although the country is lack of workers and having expensive export tax that could limit the increasing export, as Refinitiv Commodities Research reported on Monday.
Soyoil contract at Dalian DBYcv1 got cheaper 1,8%, CPO contract at DCPcv1 did too 3,2%. Soyoil price at Chicago Board of Trade BOcv1 did increase 0,05%.
CPO price has something to do with other vegetable oil price because they compete to get part in the vegetable oil trade globally.
Reuters’ technical analyst, Wang Tao noted, CPO could be sold at RM 3.646 per ton, or could be cheaper to be RM 3.481 – RM 3.583 per ton. (T2)