Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) price at Bursa Malaysia Derivative Exchange decreased more than 4% on Wednesday, (13/7/2022) for the second session in a row. It happened for the cheaper soyoil at Dalian exchange, and the decreasing July export volume.
CPO reference contract at FCPOc3 for September 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper RM 171 per ton or decreased about 4,15% to be RM 3.945 (US$ 890,32) per ton in the early session.
As quoted from Reuters, Malaysia’s CPO stock by the late of June 2022 escalated to the highest level in the past seven months because of export acceleration in Indonesia.
CPO exports in Malaysia on 1 - 10 July decreased between 15% and 21% to the previous month, as cargo surveyor, Intertek Testing Services noted on last Sunday.
Soyoil contract at Dalian DBYcv1 decreased 5,3%, CPO contract at DCPcv1 did too 6,2%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,6%.
Reuters’ technical analyst, Wang Tao noted, CPO could be at about RM 3.900 per ton, and would be stable at RM 4.090 per ton. (T2)