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CPO Price Still Increased While Waiting for DMO to Get Clearer



CPO Price Still Increased While Waiting for DMO to Get Clearer

InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange got increased, Wednesday (25/5/2022). This was the continuous increasing in the three sessions after the Government of Indonesia re-opened CPO exports.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 3 per ton or about 0,05% to be RM 6.485 (US$ 1.476,21) per ton in the early trade.

As InfoSAWIT quoted from Reuters, to maintain vegetable oil price in the domestic level, the Government of India let free tax for about two million tons of soyoil and sunflower oil until March 2024.

For domestic market obligation (DMO) and domestic price obligation (DPO) in Indonesia are not clear for the traders yet, the exports are stuck still.

The active soyoil contract at Dalian DBYcv1 increased 0,8%, while CPO contract at DCPcv1 increased 1,1%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,2%.

Reuters’ technical analysis, Wang Tao predicted, CPO would be at RM 6.560 per ton and could be increasing to be RM 6.713 per ton. (T2)

 

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