InfoSAWIT, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange hit the highest level in the past three weeks, Friday (27/5/2022). It is predicted, it would be more expensive because the trade at Dalian kept increasing for the limited and unstable supply from Indonesia.
CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 124 per ton or about 1,90% to be RM 6.657 (US$ 1.519,52) per ton in the early trade. By this week, CPO price increased 8,9%.
As InfoSAWIT quoted from Reuters, Malaysia’s CPO export on 1 - 25 May 2022 increased 23,9% to be 1.112.175 tons compared to April 2022 which reached 897.683 tons in the same period, as cargo surveyor, Societe Generale de Surveillance mentioned, Thursday (26/5/2022).
Prior vegetable oil observer, Dorab Mistry urged palm oil producer, Indonesia to re-run the export activity. The temporary CPO export ban to get details of domestic market obligation (DMO) delivered ‘disaster’ for many smallholders in Indonesia.
The active soyoil contract at Dalian DBYcv1 increased 1,8%, while CPO contract at DCPcv1 did too 3,8%. Soyoil price at Chicago Board of Trade BOcv1 also increased 0,05%.
Reuters’ technical analysis, Wang Tao predicted, CPO could be increasing at RM 6.713 – RM 6.731 per ton. (T2)