CPO Price Got Cheaper because of Crude Oil

Doc. InfoSAWIT
CPO Price Got Cheaper because of Crude Oil

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange got cheaper, Tuesday (6/4/2022) after two days in a row got increasing. It happened for the decreasing crude oil price thought it was a loss for the supply worry about many commodities globally and the new sanctions to Russia.

CPO reference contract at FCPOc3 for June delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 33 per ton, or 0,56% to be RM 5.882 (US$1.394,50) during the early trade.

As quoted from Reuters, crude oil trade at the exchange extended the loss from the days before because data showed, United States’ crude oil stock and the extension lockdown in Shanghai triggered the slower demands. Palm oil was not less interesting commodity to be the biodiesel material.

United States and its allay on Wednesday (6/4/2022) would deliver new sanction for Russian banks and officials and forbid new investment in Russia, as the White House mentioned, after the officials in Washington and Kyiv accused Moscow did crime of war in Bucha, Ukraine.

President Vladimir Putin mentioned, Tuesday (5/4/2022), Russia has to watch every food export to many countries in enemies because the western sanctions triggered food crisis globally and increased energy price.

The most active soyoil contract at Dalian DBYcv1 increased 2,7% while CPO contract at DCPcv1 increased 2,6% after two day – closing. Soybean price at Chicago Board of Trade BOcv1 decreased 0,3%.

Reuters’ analysis, Wang Tao said, CPO could be at RM 5.966 per ton and the potential increasing could be at about RM 6.104 per ton. (T2)