Why CPO Price Increased 3%

Doc. InfoSAWIT
Why CPO Price Increased 3%

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange increased 3%, Thursday (14/4) because of the increasing crude oil price globally namely from the concern of close supply for Russian invasion to Ukraine that keeps going on.

Reference CPO contract at FCPOc3 for June 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 151 per ton or about 2,46% to be 6.286 (US$ 1.488,16) per ton the early trade.

As InfoSAWIT  quoted from Reuters, the fail negotiation between commodity truck drivers with the government in Argentine on Wednesday (13/4) could not end the stoppage and threatened corn and soybean stocks in the harvest season.

Soyoil contract at Dalian DBYcv1 increased 0,7%, extended the previous increasing for 3,5%. Soyoil at Chicago Board of Trade BOcv1 increased 1,5% while CPO contract at DCPcv1 increased 3%.

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.

While CPO at the exchange slightly decreased after it significantly increased in the first half of this week because the traders considered the bigger increasing of oil stocks in USA for the close supply globally. (T2)