InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange slightly increased on Monday (9/5/2022) after it was decreasing last week for the increasing stock prediction in April 2022 and postponed the increasing price.
CPO contract at FCPOc3 for July 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 36 per ton or about 0,36% to be RM 6.436 (US$ 1.471,09) per ton in the early trade.
CPO price got cheaper 10% last week because the main producer, Indonesia would revoke export ban.
As InfoSAWIT quoted from Reuters, Malaysia’s CPO stock by the late April 2020 could be increasing for the first time in the past six months to be 1,55 million tons because the production and import increased, as Reuters’ survey showed last Friday.
Malaysian Palm Oil Board and cargo surveyor would release data of supply and demands on Tuesday.
Soyoil contract at Dalian DBYcv1 decreased 0,7%, while CPO contract at DCPcv1 did too about 0,9%. Soyoil price at Chicago Board of Trade BOcv1 did decrease 0,2%.
Reuters’ technical analysis, Wang Tao said, CPO could be decreasing but still at RM 6.190 – RM 6.290 per ton, but it could be at RM 6.602 per ton. (T2)