Even though it's only a three-day gig, the price of CPO goes up again
Commodity prices of crude palm oil (Crude Palm Oil / CPO) managed to strengthen again this week although only traded for 3 days.
Vegetable oil was able to soar on the last trading day of this week to welcome the Eid al-Fitr holiday. The price of CPO contracts for July delivery is currently at the price level of RM 4,506/ton or 1.78% and has touched its new highest level in the last 13 years. Soaring palm oil on Bursa Malaysia was also accompanied by soaring palm oil on the Chicago Board of Trade and Dalian Exchanges and tended to be on the defensive as May production could rise slightly due to lack of energy for harvesting. On the Dalian Exchange, the most active soybean contract, Dalian DBYcv1 and its palm oil contract DCPcv1 both rose 3%. Meanwhile soybean prices on the Chicago Board of Trade BOcv1 rose 1.4%. Traders now await the release of the World Agricultural Supply and Demand Forecast report due later today to show supply pressures through 2022. The United States Department of Agriculture (USDA) will provide its first global outlook for grain and soybean farming in 2021/2022 and update forecast for 2020/2021 in the report. The significant price increase was due to expectations of tighter supply in producing countries such as Indonesia and Malaysia. However, recently the Malaysian Palm Oil Board (MPOB) reported April stockpiles rose 7.1% over the previous month to 1.55 million tonnes. At the same time, CPO production also rose 7% compared to the previous month to 1.52 million tons. Palm oil exports rose 12.6% to 1.34 million tonnes in April according to MPOB data.
|•SOURCE•| Image :INFO SAWIT |
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