Palmoilmagazine, JAKARTA – Crude palm oil (CPO) price at Bursa Malaysia Derivatives Exchange decreased almost 7% on Monday (26/9/2022) because of the cheaper other vegetable oil price when many concern about global recession and the warning of advance analysts that predicted, CPO could be cheaper 30% until the late of this year because of abundant supply but decreasing demands.
As quoted from Reuters, CPO reference contract at FCPOc3 for December 2022 delivery at Bursa Malaysia Derivatives Exchange got cheaper 6,85% or to be RM 3.480 (US$ 757.18) per ton in the early session. This decreased three sessions in a row.
According to the report of cargo surveyor - Intertek Testing Services on Sunday (25/9/2022), palm oil product exports from Malaysia on 1 - 25 increased 20,9% to be 1.168.627 tons from the previous that reached 966.655 tons on 1 - 25 August.
Palm oil exports from Indonesia would be increasing the second semester this year after export levy temporarily stops. But the total exports would be decreasing from last year that reached 33,7 million tons because of the previous lockdown, as Indonesian Palm Oil Association (IPOA) mentioned.
CPO price in Malaysia could be cheaper to be 2.500 ringgit (US$ 547.29) by the late of December 2022 because of the increasing production, decreasing demands, and the slow economic progress in the main consumer countries, Dorab Mistry noted, Friday.
Soyoil contract at Dalian DBYcv1 got cheaper 3,28%, CPO contract at DCPcv1 turun did decrease 4,7%. Soyoil price at Chicago Board of Trade BOc1 did decrease 0,99%. (T2)
