CPO at Bursa Malaysia Still Got Better

Doc. NST
CPO at Bursa Malaysia Still Got Better

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange got increasing, Friday (8/4/2022), and was ready to be the weekly increasing after soyoil price at Chicago Board of Trade increased too while the industrial surveyors predicted, CPO production in March 2022 would be higher.

The reference CPO contract at FCPOc3 for June 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 49 per ton, or about 0,84% to be RM 5.876 (US$ 1.392,42) per ton in the early trade. In this week CPO contract increased about 5,6%.

As quoted from Reuters, Malaysian Palm Oil Association (MPOA), Thursday (7/4/2022) predicted, CPO monthly production could be increasing 19% in March 2022 to be 1,35 million tons, according to the traders. The prediction is higher than what was discussed at Reuters that predicted to be increasing about 16%.

The traders are still waiting for the official data published by Malaysian Palm Oil Board that would be released on next Monday.

Soyoil at Chicago Board of Trade got increasing on Thursday (7/4/2022). It happened for the decreasing production in Southern America and the stable exports in the United States of America.

Soyoil price at Chicago Board of Trade BOcv1 decreased 0,2% after it was increasing 1,7%. The active contract of soyoil at Dalian DBYcv1 increased 0,8%, while CPO contract at DCPcv1 decreased 0,5%.

CPO price was influenced by other vegetable oil price because they compete to get vegetable oil markets in the globe.

Reuters’ technical analysis, Wang Tao told, CPO would not have much progress, at RM 5.744 to RM 5.966 per ton.

Crude oil would be cheaper about 3% this week for there was a plan that crude oil producers would release about 240 million barrels to the floor from the stocks to balance the unstable crude oil supply from Russia. (T2)