CPO & Soyoil Price Got Cheaper

CPO &  Soyoil Price Got Cheaper

Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange decreased, Thursday, (19/5/2022) because soyoil price did too and the report about the United Nations (UN) which would recover vegetable oil distribution from Ukraine.

CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange decreased RM 104 per ton or about 1,70% to be RM 6.030 (US$ 1.369,52) per ton in the early trade.

As in the official statement to Palmoilmagazine, General Director of Foreign Trade Ministry of Trade, Oke Nurwan said, MigorRakyat Program emphasized to direct retail transaction to those who deserve it, which is, the people in low economy.

He also mentioned, the spot location in MigorRakyat Program that uses Gurih Indomarko and Warung Pangan IDFood can be accessed by anyone. There have been 1200 spots in five provinces, they are, DKI Jakarta, West Java, Banten, East Java, North Sumatra, and North Sulawesi. In this very short, the numbers would be 10.000 spots in Indonesia

As quoted from Reuters, UN General Secretary, Antonio Guterres said on Wednesday that he was in ‘intensive contact’ with Russia, Ukraine, Turkey, USA, and European Union to recover vegetable oil exports from Ukraine as the food crisis is happening in the globe.

Soyoil price at Chicago Board of Trade BOcv1 increased 0,7% after it was decreasing 3,1% yesterday. Soyoil active contract at Dalian DBYcv1 and CPO contract at DCPcv1 decreased 0,4% for both.

Reuters’ technical analysis, Wang Tao said, CPO could be at RM 5.984 per ton, and this could be the good one to be RM 5.843 per ton. (T2)


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