For the Plan of B35, CPO Price Got Better

For the Plan of B35, CPO Price Got Better

Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange got better for the third session in a row, Tuesday (12/7/2022), It was supported by the plan of Indonesia to escalate biodiesel mandatory program.

CPO reference contract at FCPOc3 for September 2022 delivery at Bursa Malaysia Derivatives Exchange increased RM 70 per ton or about 1,68% to be RM 4.227 ringgit (US$ 952,89) per ton in the early session.

As Palmoilmagazine quoted from Reuters, the Government of Indonesia planned to increased biodiesel mixture to be 35% with diesel or famously known as B35, from the previous which reached 30% only. This would be running on 20 July, as General Director of New Renewable Energy and Energy Conversion, Ministry of Energy and Mineral Resource, Dadan Kusdiana said last week.

CPO exports from Malaysia on 1 - 10 July decreased 20,5% to be 330.310 tons from 415.348 tons which were transported on 1 - 10 June, as cargo surveyor, Intertek Testing Services mentioned, last Sunday.

Soyoil contract at Dalian DBYcv1 increased 1,2%, and CPO contract at DCPcv1 increased 0,2%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,5%.

Reuters’ technical analyst, Wang Tao noted, CPO could be at RM 4.090 – RM 4.267 per ton. (T2)

 

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