InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange on Wednesday (21/9/2022) extended the increasing price on the second session because the strong imports from India for heading to the religious day – Diwali.
As quoted from Reuters, CPO reference contract at FCPOc3 for December delivery at Bursa Malaysia Derivatives Exchange increased RM 56 per ton or about 1,5% to be RM 3.793 (US$ 830,71) per ton.
CPO exports from Malaysia on 1 - 20 September increased 32,7% to be 952.888 ton from the previous that reached 718.291 tons, as cargo surveyor, Societe Generale de Surveillance (SGS) reported.
Data of SGS showed that the delivery to India in the period increased 50%. The biggest vegetable oil buyer in the world escalate the purchase heading to Diwali festival next year.
Soyoil contract at Dalian DBYcv1 increased 1,2%, CPO contract at DCPcv1 did increase 0,9% but soyoil price at Chicago Board of Trade BOcv1 decreased 0,2%.
Reuters’ technical analyst, Wang Tao noted, CPO could be remaining at RM 3.796 per ton but could increase between RM 3.847 – RM 3.897 per ton. (T2)