InfoSAWIT, JAKARTA – Palm oil trade at Malaysian Exchange was not too much changes on Tuesday (25/1/2022), after it hit the highest level for Indonesia restricts the exports and the worries about palm oil stocks in Malaysia.
Palm oil contract to April delivery at Bursa Malaysia Derivative (BMD) was at 5.260 ringgit (US$ 1.256,57) per ton at the midday. At the previous session, it hit the highest level of all time at 5.380 ringgit before it was closed 1,18% lower.
"CPO trade at BMD was influenced by Indonesia’s restricted palm oil export, the offer and demands in Malaysia in January,” Chief of Commodity Research at Sunvin Group in Mumbai, as quoted from Business Recorder .
The government of Indonesia decided that every palm oil exporter should have agreement to export from Ministry of Trade. The government also discussed to restrict palm oil exports.
A trader in Kuala Lumpur said, many traders might wait for export and production data in January 2022 to know what to do.
The most active soy oil contract – Dalian and palm oil contract got decreasing 2,60% and 1,94% for each while soy oil at Chicago Board of Trade increased 0,05%.
Palm oil price movement might be influenced by other vegetable oil because they are competitive to get parts in vegetable oil trade globally. Palm oil might have test support at 5.174 ringgit per ton. This could penetrate lower at 5.106 ringgit, as Reuters technical analyst, Wang Tao said. (T2)