InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange slightly increased, Tuesday (6/4/2022), after details of palm cooking oil material export from Indonesia were explained and this relieved the worry.
CPO contract reference price at FCPOc3 for July 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 169 per ton, or about 2,71% to be RM 6.398 (US$ 1.471,82) per ton in the early trade.
CPO price contract decreased 2% at the closing, Monday (25/4/2022) after it was almost increased 7% in the early trade on the day.
As InfoSAWIT quoted from Reuters, Indonesia would ban RBD Palm Oil export that would run on Thursday (28/4/2022). The ban would not be about CPO and its other derivative products, as Deputy of Food and Agribusiness Coordination Coordinator Ministry in Economy, Musdhalifah Machmud said.
RBD palm oil can be banned if there is lack of processed palm oil, according to the presentation that the government told the companies.
Palm oil product exports from Malaysia on 1 - 25 April decreased 12,9% to be 897.683 tons in the same period in March, according to cargo surveyor, Societe Generale de Surveillance.
Soyoil Dalian active contract, DBYcv1 decreased 2,1%, while CPO contract at DCPcv1 decreased 0,5%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,9%.
Reuters’ technical analysis, Wang Tao said, CPO could be increasing about RM 6.326 – RM 6.392 per ton for the stable price at RM 6.104 per ton. (T2)