Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange decreased more than 1% on Wednesday (29/6/2022). It stopped the rally of the previous increasing price for the past two days because of the increasing CPO export quote from many companies in Indonesia.
As quoted from Reuters, CPO reference contract at FCPOc3 for September 2022 delivery at Bursa Malaysia Derivatives Exchange decreased RM 68 per ton or about 1,36% to be RM 4.921 (US$ 1.118,92) per ton in the early session.
Prior in the audience of palm cooking oil association to Ministry of Trade on Monday (27/6/2022) it was revealed that there would be compensation for palm cooking oil producers that helps the government to allocate and provide simple packaged palm cooking oil (for the people). The compensation would be about delivering CPO export quote, as in the official statement to Palmoilmagazine.
Ministry of Trade has no doubt that by the open CPO and its derivative product export, CPO needs would increase and would impact to fresh fruit bunch (FFB) supply that the smallholders produced.
Soyoil contract at Dalian, DBYcv1 increased 0,5%, CPO contract at DCPcv1 did too 0,8%. Soyoil contract at Chicago Board of Trade BOcv1 decreased 1,1%.
Reuters’ technical analyst, Wang Tao predicted, CPO could be at RM 4.742 per ton, or increased after it decreased at RM 4.493 per ton. (T2)