MIDF Research Predicts CPO Can Be Cheaper in July

Palm Oil Magazine
Doc. Palmoilmagazine.com

PALMOILMAGAZINE, KUALA LUMPUR – Based on the MIDF Research report, the price of crude palm oil (CPO) in June is expected to decrease by 14.3%, equivalent to approximately RM 3,251 per ton. However, considering the possibility of El Nino occurrence, the CPO price is likely to remain dynamic and subject to change.

Although the CPO delivery price in Malaysia rose to RM 3,730 per ton in June, it is still relatively inexpensive compared to the average price of RM 3,525 per ton per month. This is primarily due to the lower prices of other vegetable oils in the market.

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“We predict that CPO delivering price in Malaysia would be cheaper 7,5% in quarter to quarter to be RM 3.260 per ton in July or 19,1% in quarter to quarter to be RM 3.112 per ton in the third quarter of 2023. This happens for the decreasing demands and peak harvest, and also there is no holiday,” he said, as Palmoilmagazine.com quoted from IMedia.

Also Read : The Factors CPO Price Could be Better by the Late of This Year

The company remains ‘neutral’ in this sector with the target that 2023 CPO would be about RM 3.500 per ton.

In the future, the company told CPO price could be cheaper for the decreasing demands and the increasing pressure of inflation. It would be combined by local and global interest rate that gets higher that many houses (families) would think twice t spend (their cash).

Price discount parity between CPO and soyoil gets close to be at US$ 190,2 per ton in average or increases 100% in month on month, as MIDF Research noted. (T2)

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