Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange, Wednesday (15/6/2022) hit the lowest level for more than two months. Other vegetable oil price did too because of demand anticipation from Indonesia for starting CPO export activity.
CPO reference contract at FCPOc3 for August 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 122 per ton or about 2,11% to be RM 5.614 (US$ 1.271,29) per ton in the early trade. It decreased in five of six session and hit the lowest level since April 5, 2022.
From what Palmoilmagazine got on Monday (13/6/2022), the Government of Indonesia published the new policy about CPO tax based on the regulation of Minister of Finance (RMF)Number 102 / 2022 about Decision of Products having Export Tax and Levy to Accelerate Crude Palm Oil (CPO), Refined, Bleached and Deodorized Palm Oil (RBD Palm Oil), Refined, Bleached and Deodorized Palm Olein (RBD Palm Olein), dan Used Cooking Oil (UCO) distribution by export activity.
In the regulation the exports which get the levy, according to Chapter 5 are the export products to accelerate export would have the Out Fee based on the RMF but would not have Out Fee based on RMF Number 39/PMK.010/2022 about Decision of Export Products that Have Out Fee and levy and also the substitution.
As quoted from Reuters, the active soyoil contract at Dalian DBYcv1 decreased 0,94%, while CPO contract at DCPcv1 decreased 1,6%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,3%.
Reuters’ technical analyst, Wang Tao noted, CPO could be stable at about RM 5.702 – RM 5.892 per ton. (T2)