CPO Price Got Decreasing for The Abundant Stocks

Doc. InfoSAWIT
CPO Price Got Decreasing for The Abundant Stocks

InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange got decreasing, Tuesday (10/5/2022), after cargo surveyor published the data report about the decreasing exports in April 2022, and the decreasing vegetable oil price at Dalian Commodity Exchange which also influenced the price.

CPO reference contract at FCPOc3 for July 2022 delivery at Bursa Malaysia Derivatives Exchange got decreasing RM 68 per ton or about 1,06% to be RM 6.341 (US$ 1.449,04) per ton in the early trade.

As InfoSAWIT quoted from Reuters, CPO exports from Malaysia in April 2022 decreased to be 1.103.093 tons or about 17,1% from the previous month which reached 1.331.400 tons, as cargo surveyor - Societe Generale de Surveillance reported, Monday (9/5/2022).

As Reuters surveyed on Friday, CPO stocks in Malaysia by the late of April 2022 increased for the first time in the past six months to be 1,55 million tons because of the increasing import and production.

Soyoil contract at Dalian DBYv1 and CPO contract at DCPv1 decreased 1,39% and 0,43% for each. Soyoil price at Chicago Board of Trade BOcv1 increased 0,74%.

Reuters’ technical analysis, Wang Tao predicted, CPO would be cheaper at RM 6.097 to RM 6.190 per ton, this could be at RM 6.290 per ton. (T2)