The First in the First Week, CPO At Bursa Malaysia Got Better

The First in the First Week, CPO At Bursa Malaysia Got Better

Palmoilmagazine, KUALA LUMPUR – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange on Friday (22/7/2022) increased after it decreased more than 5% in the previous session with the reference contract could potentially increase in the first week in three sessions.

CPO reference contract for October 2022 delivery at Bursa Malaysia Derivatives Exchange got better RM 41 per ton or about 1,1% to be RM 3.761 (US$ 844,60) per ton in the early trade. In the past week it increased about 4,5%.

As in the official statement Palmoilmagazine got, Komisi Pengawas Persaingan Usaha (KPPU) confirmed, 27 palm cooking oil companies did bad business. KPPU claimed, the institution has had enough proofs to take the case into the court and could be processed, which would be in Sidang Majelis Pemeriksaan Pendahuluan.

As quoted from Reuters, soyoil contract at Dalian DBYcv1 decreased 0,5%, CPO contract at DCPcv1 did too 1,1%. Soyoil price at Chicago Board of Trade BOcv1 increased 0,4%.

CPO price has something to do with other vegetable oil price because they compete to get parts of vegetable oil markets in the globe.

Reuters’ technical analyst, Wang Tao noted, CPO could be decreasing to be RM 3.706 per ton, before it hit the lowest level on 14 July at RM 3.489 per ton. (T2)

 

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