InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange kept increasing in the second session, Wednesday (27/4/2022), it was the investors’ response from what the Government of Indonesia decided to ban RBD palm olein.
CPO contract reference price at FCPOc3 for July 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 166 per ton, or about 2,59% to be RM 6.566 (US$ 1.507,35) per ton in the early trade.
As InfoSAWIT quoted from Reuters, it happened for the export ban of RBD Palm Oil would run on Thursday (28/4/2022) to fulfill palm cooking oil needs in Indonesia. But the ban can be expanded if the supply is not filled yet, a senior officer in a ministry said.
Meanwhile palm oil imports in European Union in 2021/2022 reached 4,02 million tons or decreased about 400 thousand tons from the previous period.
Palm oil exports from Malaysia on 1 - 25 April decreased 12,9% to be 897.683 tons from the same period last month, as cargo surveyor, Societe Generale de Surveillance noted.
Dalian Soyoil contract at DBYcv1 increased 2,71%, palm oil contract at DCPcv1 did too 3,86%. Soyoil at Chicago Board of Trade BOcv1 decreased 0,06%.
Reuters noted; palm oil or FCPOc3 could be reaching RM 6.548 per ton, within the estimation about RM 6.686 to RM 6.797 per ton. (T2)