InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange increased for the third session in a row, Wednesday (13/4/2022), hit the highest score for the past three weeks, because soyoil price at Dalian and crude oil got better to in the exchange.
Reference CPO contract at FCPOc3 for June 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 64 per ton or about 1,04% to be 6.243 (US$ 1.476,76) per ton the early trade, the highest one since 24 March.
As quoted from Reuters, CPO exports from Malaysia on 1 – 10 April 2020 decreased 20,7% compared to March 2022 in the same period, according to cargo surveyor Societe Generale de Surveillance, Tuesday (12/4/2022).
Crude oil price increased when there was a concern about decreasing stocks in Russia because of sanction – as the second biggest crude oil exporter in the world. This would be close stocks after Moscow claimed to get peace to solve invasion in Ukraine but came to dead end.
The expensive crude oil at the exchange made CPO more interesting as biodiesel material.
More expensive crude oil made CPO more interesting as biodiesel material.
Soyoil contract at Dalian DBYcv1 increased 1%, while CPO contract at DCPcv1 increased 2,2%. Soyoil at Chicago Board of Trade BOcv1 increased 0,01%.
Reuters’ technology analysis, Wang Tao told, CPO could be at RM 6.326 per ton or could be about RM 6.454 – RM 6.548 per ton. (T2)