PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) contract price at the Malaysia Derivatives Exchange rose for the second consecutive session on Tuesday (14/5/2024), mirroring the increase in soyoil prices at Dalian.
The reference CPO contract with the code FCPOc3 for July 2024 delivery increased by RM 17 per ton, or approximately 0.44%, to RM 3,885 (US$ 821.01) per metric ton during the morning session, as Palmoilmagazine.com quoted from Reuters.
The soyoil contract price at Dalian, with the code DBYcv1, rose by 1.10%, while the CPO contract price with the code DCPcv1 also increased by 1.93%. However, the soyoil price at the Chicago Board of Trade, with the code BOcv1, decreased by 0.8%.
Also Read:
- CPO Prices Climb at KPBN Tender and Malaysia Exchange as Soyoil Rises on Tuesday (14/5)
- CPO Price at KPBN Inacom Declined on Monday (13/5), While in Malaysian Exchange Increased
- CPO Price at KPBN Inacom Declined, while on Bursa Malaysia Rise on Wednesday (8/5)
CPO prices are influenced by the prices of other vegetable oils. According to Reuters, U.S. soyoil plantations were about 35% planted, compared to the five-year average of 34%, with analytical estimates suggesting it could reach 39%.
Cargo surveyor Societe Generale de Surveillance (SGS) estimated that exports could reach 263,369 metric tons.
Technical analysis by Reuters’ Wang Tao predicted that the CPO price with the code FCPOc3 could rise to between RM 3,926 and RM 3,969 per ton. (T2)
