CPO at Malaysia Exchange Got Cheaper for Ringgit Decreased towards US Dollar to Stop the Loss

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Palmoilmagazine.com, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange on Tuesday (6/5/2023) got cheaper after in the previous two session it got better when the traders were waiting for industrial data in May 2023. Ringgit currency got weaker towards United States (US) dollar.

As quoted from Reuters, CPO reference contract with the code FCPOc3 for August 2023 delivery at Bursa Malaysia Derivatives Exchange decreased RM 32 or 0,95%, to be RM 3.349 (US$ 728,99) per ton in the early session.

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Ringgit Malaysia got weaker toward US dollar and delivered impacts to CPO price for its gap was about 0,142% towards dollar and a luck for the traders that purchased in foreign currency.

Meanwhile European Commission, Monday, claimed the countries around Ukraine could limit seeds oil imports from Ukraine, including sunflower oil that would be extended until 15 September.

Soyoil contract at Dalian with the code DBYcv1 increased 0,3%, CPO contract with the code DCPcv1 did too 0,3%. Soyoil price at Chicago Board of Trade with the code BOcv1 decreased 0,1%.

Palm oil has something to do with other vegetable oils because they compete to get part in vegetable oil trade in the globe.

Reuters’ technical analysis, Wang Tao claimed, CPO could be at RM 3.390 per ton and getting better to be about RM 3.436 – RM 3.493 per ton. (T2)

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