Palmoilmagazine, JAKARTA – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange slightly got better on Monday (25/7/2022) before Malaysia announced exports outcome. In the meantime, the Government of Indonesia could sustain the potential increasing CPO price when loosening the export limit.
CPO contract at FCPOc3 for October 2022 delivery at Bursa Malaysia Derivatives Exchange got better 0,46% to be RM 3.721 (US$ 836.18) per ton in the early session. It was recovering after it was got cheaper up to 6% in the past two sessions.
As quoted from Reuters, palm oil exports from Malaysia on 1 - 20 July decreased to be 724.283 tons from 734.231 tons, as cargo surveyor, Societe Generale de Surveillance noted, Monday (25/7/2022).
The Government of Indonesia still considers to vanish domestic market obligation (DMO) and domestic price obligation (DPO) after the CPO stock remains high and to get smallholders’ fresh fruit bunch (FFB) better, as in the recent release to Palmoilmagazine.
Soyoil contract at Dalian DBYcv1 got better 0,24%, CPO contract at DCPv1 did too 0,26%. Soyoil price at Chicago Board of Trade BOcv1 decreased 0,32%.
CPO has something to do with other kinds of vegetable oils for they compete to get parts in vegetable oil markets globally.
Reuters’ technical analyst, Wang Tao noted, CPO could be decreasing as it was on 14 July which was RM 3.489 per ton. (T2)