Palmoilmagazine.com, KUALA LUMPUR – Crude palm oil (CPO) price increased almost 4% on Friday (9/6/2023) for other vegetable oil price got more expensive though CPO still mostly gets cheaper in this second week.
As quoted from Reuters, CPO reference price with the code FCPOc3 for August 2023 delivery at Bursa Malaysia Derivatives Exchange increased RM 126 or about 3,86%, to be RM 3.390 (US$ 735,36) per ton in the session.
In this week CPO contract price decreased 0,39% to anticipate the increasing production and supply.
Until now the traders still wait for the official release from Malaysian Palm Oil Board (MPOB) on next Monday to know the increasing production in May 2023.
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Meanwhile as Reuters surveyed, Tuesday (6/6/2023) Malaysia’s CPO production increased 21% to be 1,45 million tons, to the highest level since December 2022.
Vice Minister of Trade, Jerry Sambuaga after meeting with Commission VI Indonesian Legislators, Tuesday (6/6/2023) said that Indonesia-European Union Comprehensive Economic Partnership Agreement (I-EU CEPA) was postponed to discuss for the publication of European Union Deforestation Regulation (EUDR).
But Jerry emphasized I-EU CEPA would be accomplished by the late of this year.
READ MORE: Indonesia plays an important role in the palm oil industry, Mill Capacity Reached 84,8 Million Tons
Soyoil contract price at Dalian with the code DBYcv1 increased 2,6% CPO contract with the code DCPcv1 increased 3,4%. Soyoil price at Chicago Board of Trade BOcv1 got cheaper after it increased 4% the day before.
Reuters’ technical analyst, Wang Tao said, CPO could be in retention zone at RM 3.341 to RM 3.368 per metric ton. (T2)
