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After Palm Cooking Oil Material Ban from Indonesia, CPO Increased 6%



After Palm Cooking Oil Material Ban from Indonesia, CPO Increased 6%

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange increased hardly 6%, Monday (25/4/2022) to the highest level in the past six weeks after the main palm oil producer in the world, Indonesia planned palm oil material ban which many consume. This triggered the worry about vegetable oil supply crisis in the globe.

Reference CPO contract at FCPOc3 for July delivery at Bursa Malaysia Derivatives Exchange increased RM 320 per ton or about 5,82% to be RM 6.725 (US$ 1.548,11) per ton in the early trade. It hit the highest level since 11 March 2022.

Prior, President Joko Widodo on Friday (22/4/2022) decided to ban palm cooking oil materials and palm cooking oil that would run per 28 April 2022. This is about to get cheaper palm cooking oil in the domestic for being very expensive to fulfill the stocks.

Soybean at Chicago Board of Trade BOcv1 increased to the highest level or about 2,2% in the previous session. Dalian active Soyoil contract at DBYcv1 increased 1,5%, while CPO contract at DCPcv1 increased 5%.

Reuters’ technical analysis, Wang Tao mentioned, CPO could be at RM 6.392 per ton, within the potential about RM 6.548 per ton. (T2)


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