Photo by : Jefri Tarigan / Sawitfest 2021
Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange, Monday (23/5/2022) increased for other vegetable oil price did too. The traders were monitoring what Indonesia would do to fulfill its domestic market obligation (DMO).
CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 58 per ton or about 0,95% to be RM 6.167 (US$ 1.405,10) per ton in the early trade.
As Palmoilmagazine quoted from Reuters, after the Government of Indonesia re-open CPO export, the government itself regulated DMO to fulfill palm cooking oil supply in Indonesia.
What Indonesia is implementing never let Malaysia down as the second biggest CPO producer in the world to increase their export volume after some of their CPO trader in India bought from Malaysia.
CPO exports from Malaysia on 1 - 20 May 2022 increased between 28% and 32,6% from the same week in April, as cargo surveyor noticed last week.
Soyoil active contract at Dalian DBYcv1 increased 1,2%, while CPO contract at DCPcv1 increased 1,8%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,2%.
Reuters’ technical analysis, Wang Tao said, CPO could be at RM 6.354 per ton, or more after it was decreasing to be RM 5.925 per ton on 20 May 2022. (T2)