InfoSAWIT, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange decreased for the third time on Thursday (22/6/2023), because soyoil got cheaper after US biofuel mandate that got decreasing from the estimation.
As quoted from Reuters, benchmark contract for CPO with the code FCPOc3 for September 2023 delivery at Bursa Malaysia Derivatives Exchange decreased 1,16% to be RM 3.572 (US$ 769,33) per metric ton in the session. The loss of the trade reached 3,76% during the previous two sessions.
On Wednesday, (21/6/2023), the government of Biden escalated the numbers of biofuel that should be mixed by refineries to fuel in national scale for the next three years but the plan made biofuel industries in the country disappointed and angry because ethanol mandate and biodiesel in corn – base were not high enough.
Still from Reuters, soyoil price at Chicago Board of Trade BOc2 was decreasing 1,28%. Dalian was closed for dragon boar festival.
According to Malaysian Palm Oil Board (MOPB), the Government of Malaysia maintain export tax in July 2023 for CPO that reached 8% and decreased the reference price.
Cargo surveyor - Intertek Testing Services claimed, palm oil exports from Malaysia on 1 - 20 June decreased 16,8% from the same period in May 2023. The other cargo surveyor - AmSpec Agri Malaysia also noted, the exports from Malaysia decreased 12,9%. (T2)
