As Other Vegetable Oil Prices, CPO Prices Drop

As Other Vegetable Oil Prices, CPO Prices Drop

Pamloilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange kept going on Tuesday (17/5/2022) with the long weekend. It decreased because of other vegetable oil did too. Luckily the decreasing price was not too deep because the good exports took place and close the trade at the first two weeks in May 2022.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 64 per ton or decreased about 1,04% to be RM 6.075 (US$ 1.382,88) per ton during the early trade.

As Pamloilmagazine quoted from Reuters, CPO export from Malaysia on 1 - 15 May increased 20,6% to be 569.233 tons compared to April which reached 472.181 tons in the same period, as cargo surveyor, Intertek Testing Services noted

The news saying wheat export ban from India on Saturday (14/5/2022) pressed soyoil price at the exchange while questioning about domino effect from the ban to vegetable oil imports in India.

Soyoil price at Chicago Board of Trade BOcv1 decreased 0,4%. The active soyoil contract at Dalian, DBYcv1 also decreased 1%, while CPO contract at DCPcv1 decreased 2,4%.

Reuters’ technical analysis, Wang Tao mentioned, CPO could be increasing to be RM 6.602 per ton because it is stable at about RM 6.290 per ton. (T2)

 

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