InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange extended the increasing price on Friday (15/4). It means, it increases in a row for the last two weeks in April 2022 because of the close sunflower oil supply because of Russian invasion to Ukraine that keeps going on.
Reference CPO contract at FCPOc3 for June 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 128 per ton or about 2,04% to be RM 6.416 (US$ 1.516,07) per ton the early trade, the highest since March 14. In this week, it increased 8,4%.
As InfoSAWIT quoted from Reuters, Italian giant food company, Ferreo stopped buying palm oil from Sime Darby Plantation SIPLKL after US custom found that palm oil plantations in Malaysia were assumed to conduct labor force. This blacklisted Malaysia as the producer that implements sustainable practices.
The truck drivers in Argentina came to conclusion, Thursday (14/4) to cancel the stoppage that once became the transportation issue to soybean and seeds in the country since Monday, as Ministry of Transportation claimed.
Soyoil contract at Dalian DBYcv1 increased 0,6%, extended the previous increasing for 3,5%. Soyoil at Chicago Board of Trade BOcv1 increased 1% while CPO contract at DCPcv1 increased 1,6%.
CPO contract remained high on Thursday (14/4) because the investors stopped the selling heading to the long weekend and the issue saying that European Union might ban crude oil imports from Russia.
The better crude oil price made CPO less interesting as biodiesel material. (T2)