CPO Prices Rise on Strong Demand, Soybean Trend

CPO prices are driven stronger thanks to bullish tailwinds from trends of CPO production and soybean prices.

Jessica Gabriela Soehandoko

2 Jul 2024 - 18.37
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CPO Prices Rise on Strong Demand, Soybean Trend

Illustration - A crude palm oil farmer./Bisnis/Antara.

Bisnis, JAKARTA — A more robust soybean oil market and expectations of reduced production in the coming weeks drive crude palm oil (CPO) prices, with potential support at around 3,850 Malaysian ringgit (MYR) per ton.

Meanwhile, CPO futures prices closed higher at the end of last week on Friday (6/28/2024). The September 2024 contract rose 26 points to MYR 3,916 per ton on the Malaysia Derivatives Exchange, recording a 0.41 percent increase over the week. The July 2024 contract also increased by 31 points to MYR 3,967 per ton, with a weekly gain of 1.17 percent.

Citing Bernama, palm oil trader David Ng said CPO futures contracts closed higher that week, driven by the strengthening soybean oil market and reduced production expectations. He also sees potential support for prices around MYR 3,850 per ton, with resistance at MYR 4,000 per ton.

Head of Commodity Research at Sunvin Group in Mumbai, Anilkumar Bagani, added that the improved performance was supported by strong Chinese vegetable oil futures, rising South American crude soybean oil (CDSBO) prices, and increasing momentum in the European rapeseed oil market. “Additional support came from bullish energy prices,” he said.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.