CPO Price Got Better 6,4% in A Week

CPO Price Got Better 6,4% in A Week

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO)at Bursa Malaysia Derivative Exchange got better, Monday (11/4/2022) heading to March 2022 export official data from Malaysian Palm Oil Board (MPOB). This continued the increasing CPO price when it is predicted that soyoil supply gets increasing too.

Reference CPO contract at FCPOc3 for June delivery at Bursa Malaysia Derivatives Exchange increased RM 71 per ton or about 1,2% to be RM 5.992 (US$ 1.417,89) per ton in the early trade. Last week, CPO price increased about 6,4%.

As quoted from Reuters, palm oil product exports from Malaysia on 1 - 10 April 2022 decreased 25,6% to be 278.621 tons compared to March 2022 in the same period, according to cargo surveyor - Intertek Testing Services, Sunday (10/4/2022).

Crude oil price slightly got cheaper US$ 2 per barrel in the early trade in Asia because of the second - row weekly decreasing after the world consumers announced the plan to release crude oil volume record and oil products from strategic stocks and because of the closing access in China which kept going on.

The decreasing price of crude oil at Bursa Malaysia Derivative Exchange made CPO less interesting to be as biodiesel material.

Soyoil trade at Chicago Board of Trade got increasing on Friday (8/4/2022) after United States Department of Agriculture decreased soyoil production estimation in Southern America, including USA.

Soyoil at Chicago BOcv1 got decreasing 1% before it increased almost 3% on Friday. The active soyoil contract at Dalian, DBYcv1 increased 0,4%, while CPO contract at DCPcv1 increased 0,3%.

Reuters’ technical analysis, Wang Tao said, CPO could be about RM 5.966 / ton or slightly increase at RM 6.104 per ton. (T2)