Crude palm oil's (CPO) price decline to below RM5,000 a tonne on Wednesday (June 22, 2022) was sharper than expected, possibly driven by slower global economic growth concerns and as CPO prices tracked price losses of crude oil and rival edible oils, besides taking cue from rising palm oil exports from Indonesia.
KUALA LUMPUR (June 23): CGS-CIMB Securities Sdn Bhd said on Thursday (June 23, 2022) crude palm oil's (CPO) price decline to below RM5,000 a tonne on Wednesday (June 22, 2022) was sharper than expected, possibly driven by slower global economic growth concerns and as CPO prices tracked price losses of crude oil and rival edible oils, besides taking cue from rising palm oil exports from Indonesia.
"The benchmark active three-month futures palm oil contract for September [2022] delivery fell RM482/tonne, or 9.68%, to RM4,498/tonne, its sharpest daily loss since Jan 2020," CGS-CIMB analysts Ivy Ng Lee Fang and Nagulan Ravi wrote in a note.
By: via Malaysian Palm Oil Council Russia
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