Palmoilmagazine, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange increased in the third session in a row, Thursday (2/6/2022). It happened for the decreasing production prediction in Malaysia, the lack of palm oil workers from Indonesia in Malaysia’s plantations where they are really critically needed.
CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange increased 0,85% to be RM 6.410 (US$ 1.459,80) per ton in the early trade.
As Palmoilmagazine quoted from Reuters, the Government of Indonesia cancelled the plan to deliver workers in Malaysia’s palm oil plantations, as the Ambassador of Indonesia in Malaysia, Hermono said, last Tuesday.
Meanwhile, Malaysia Palm Oil Council (MPOC) reduced the production numbers on Wednesday. The second biggest palm oil producer in the world predicted, CPO would be remaining more than RM 6.000 (US$ 1.367,37) per ton this year.
India also cut of CPO and its derivative basic price. On the other hand, the country increased soyoil price, as one official mentioned in a statement, Tuesday night.
Soyoil contract at Dalian DBYcv1 increased 0,14%, while CPO contract at DCPcv1 increased 1,03%. Soyoil contract at Chicago Board of Trade BOc2 decreased 0,16%.
Reuters’ technical analyst, Wang Tao predicted, CPO would be neutral at about RM 6.220 – RM 6.423 per ton. (T2)