InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange got increasing, Monday (18/4/2022) because of the increasing other vegetable oil price at Dalian Exchange China, and the worry about the close supply when Russia – Ukraine conflict still happens.
Reference CPO contract at FCPOc3 for July delivery at Bursa Malaysia Derivatives Exchange increased about 0,73% to be RM 6.366 (US$ 1.500,35) per ton in the early trade. In one past week, CPO price increased about 9%.
As InfoSAWIT quoted from Reuters, CPO exports from Malaysia on 1 - 15 April 2022 decreased between 14% to 23% compared to March 2022 in the same period, as cargo surveyor noted.
Italian giant food company, Ferrero planned to stop CPO supply from Sime Darby, for the US Custom found palm oil cultivation which Malaysian company does in forced labor system.
Soyoil contract at Dalian BBYv1 got increasing 0,13% while CPO contract at DCPcv1 increased 1,85%. The active soyoil contract at Chicago Board of Trade BOc2 increased 0,87%.
Reuters’ technical analysis, Wang Tao said, CPO could be about RM 6.548/ton or slightly increase at RM 6.664 – RM 6.686 per ton.
Crude oil price keeps increasing in the globe because of the close supply concern, the crisis in Ukraine, and bigger sanction to Russia.
Crude oil price got increasing and made palm oil better as biodiesel material. (T2)