Jakarta, CNBC Indonesia – The contract price of crude palm oil (Crude Palm Oil / CPO) managed to crawl up this week. The rise in vegetable oil was supported by gains in rival oil on the Dalian bourse and a weaker ringgit, as investors awaited data from the Malaysian Palm Oil Board (MPOB).
According to data on CPO prices for October 2021 contracts, in the past week, it has successfully soared 5.54% to MYR 4,511/ton, to the highest level since last May.
On Tuesday, cargo surveyor Intertek Testing Services explained that Malaysia’s palm oil product exports for August 1-10 fell 12.8% to 364,546 tons from the same period in July.
MPOB itself is scheduled to release supply and demand data for July at midday break.
Meanwhile, a Reuters survey showed CPO stocks rose 1.6% from the previous month to 1.64 million tonnes, while production and exports both saw a 4% decline.
At the same time, the Malaysian ringgit (MYR) fell 0.14% against the US dollar, making commodity prices cheaper for foreign currency holders.
Meanwhile, Dalian’s most active soybean contract rose 0.9%, while the palm oil contract (DCPcv1) rose 2%. In addition, soybean prices on the Chicago Board of Trade appreciated 0.5%.
“Palm oil is affected by related oil price movements as they compete for a share in the global vegetable oil market,” explained Refinitiv analysts.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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