InfoSAWIT, JAKARTA – Crude palm oil (CPO) at Bursa Malaysia Derivative Exchange got cheaper on Thursday (1/12/2022) after it got more expensive for three sessions in row. It happened for the cheaper US soyoil and the increasing currency of ringgit.
As quoted from Reuters, CPO contract at FCPOc3 for February 2023 delivery at Bursa Malaysia Derivatives Exchange decreased 1,89% to be RM 4.154 (US$ 941,95) per ton in the early session.
Data released by cargo surveyor, Intertek Testing Services and Amspec Agri showed that palm oil exports from Malaysia in November could be increasing between 1,7% and 5,6% compared to October 2022 exports in the same period.
Still from Reuters, soyoil at Chicago Board of Trade BOc2 got cheaper 3,09%. Soyoil contract at Dalian DBYv1 increased 0,15% while CPO contract at DCPv1 decreased 0,42%.
Reuters’ technical analyst, Wang Tao predicted, CPO could be at RM 4.329 per ton, with the potential increasing price between RM 4.400 to RM 4.497 per ton. (T2)
