InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange decreased on Thursday (28/4/2022) after it got increasing in the previous session. This reflected, the traders tried to understand the situation which is about CPO and its derivatives.
CPO reference contract at FCPOc3 for July 2022 delivery at Bursa Malaysia Derivatives Exchange decreased RM 33 per ton or about 0,47% to be RM 6.954 (US$ 1.595,69) per ton. It decreased from the highest level in seven weeks in the early session.
Pror CPO contract hit the daily upper limits about 10% on Wednesday (27/4/2022), after the Government of Indonesia announced to ban Crude Palm Oil, Refined, Bleached And Deodorized Palm Oil, Refined, Bleached And Deodorized Palm Olein, and Used Cooking Oil.
As InfoSAWIT quoted from Reuters, President Joko Widodo said the people’s needs are the main thing for the government. This became the highest consideration in every published policy to solve the rare palm cooking oil in the society.
“By the export ban, 1,52 million tons of palm oil products would be no more in the markets globally,” one founder of Palm Oil Analytics in Singapore, Sathia Varga said by hoping that the ban would be revoked in the next three weeks.
Soyoil active contract at Dalian DBYcv1 increased 1,6%, while CPO contract at DCPcv1 increased 4%. Soyoil at Chicago Board of Trade BOcv1 extended the increasing after it got the highest rally in the previous session.
Reuters’ technical analyst, Wang Tao said, CPO could be at RM 7.107 per ton within the potential increasing at RM 7.239 – RM 7.419 per ton. (T2)