InfoSAWIT, KUALA LUMPUR - Crude palm oil (CPO) contract at Bursa Malaysia Derivatives Exchange needs awareness this week because the traders are still considering rate interests from Federal Reserve USA on Wednesday (19/7/2023), as one analysis said.
Senior analysis of Fastmarkets, Sathia Varqa said, the potential decision to escalate interest rate would implicate to currency from developing countries, namely ringgit.
The production keeps increasing compared to the previous month because of the good supporting climate. On the other hand, CPO importer countries still get more CPO. This would eventually postpone CPO exports.
As InfoSAWIT quoted from The Star, many analysis predicted CPO would not remain at RM 4000/ton because the fundamental is weak still.
The traders would still observe other vegetable oil trade agreement in Black Sea this week. CPO reference price at Bursa Malaysia Derivative Exchange in weekly in August 2023 could increase RM 149 to be RM 3.993 per ton and September 2023 contract could be increasing RM 136 to be RM 4 .017 per ton. (T2)
