CPO Price Got Increasing in the Past Two Weeks

CPO Price Got Increasing in the Past Two Weeks

InfoSAWIT, JAKARTA – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange slightly increased, Friday (3/6/2022). It did complete the increasing CPO in the past two weeks in a row. This was supported by the worry of CPO production from Malaysia which is lack of labors and the Government of Indonesia that bans the labors to work in Malaysia, while the exports escalated.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivative Exchange increased RM 152 per ton or about 2,35% to be RM 6.620 (US$ 1.510,04) per ton in the early trade.

As InfoSAWIT quoted from Reuters, CPO exports from Malaysia in May 2022 increased 20,5% to be 1.329.186 tons compared to May 2021 which reached 1.103.093 tons, as cargo surveyor - Societe Generale de Surveillance stated, Thursday (2/3/2022).

Prior the Government of Indonesia banned the people of Indonesia to work in Malaysia because the recruiting process is not standard and most of them do not have visa, as Head of Indonesian Migrant Workers Protection Agency, Benny Rhamdani told.

On Thursday Ministry of Trade of Indonesia officially published CPO Export Approval for about 179.464 tons.

Soyoil price at Chicago Board of Trade BOcv1 decreased 0,17%. Commodity Exchange at Dalian closed on Friday for the Dragon Boat Festival holiday.

Reuters’ technical analyst, Wang Tao mentioned, CPO could be at RM 6.577 per ton, within the potential increasing at RM 6.682 – RM 6.731 per ton. (T2)