InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange, Monday (4/4/2022) increased after three sessions in a row hit the lowest level for six weeks. It happened for the increasing soybean price at Chicago Board.
CPO reference contract at FCPOc3 for June delivery at Bursa Malaysia Derivatives Exchange increased RM 125/ton, or about 2,25% to be RM 5.691 (US$ 1.349,54) per ton in the early trade.
It happened for Malaysia’s palm oil exports in March increased 7,2% to be 1.331.400 tons compared to February exports, according to cargo surveyor - Societe Generale de Surveillance, last Friday.
Soybean price at Chicago Board of Trade BOcv1 increased 0,1% after it increased 1,8% from the previous session. At Dalian, it was close for the public holiday.
CPO was influenced by other vegetable oil price because it competed to get vegetable oil markets in the globe.
Crude oil price got decreasing because many investors observed to release stocks from their strategic backup from the consumers’ countries while the truce in Yaman could alleviate the worry of crude oil supply from Middle East.
For crude oil was getting cheaper at the exchange, it delivered CPO as less interesting option for biodiesel material.
CPO could be about RM 5.512 per ton, while the cheapest could be RM 5.246-5.384/ton, Reuters’ technical analyst, Wang Tao said. (T2)