CPO Price Increase Impedes Strengthening Malaysian Ringgit Rate
By : Abraham Sihombing And Aldo Bella Putra | Friday, September 08 2017 - 22:00 IWST
INDUSTRY.co.id - Jakarta - The strengthening of the Malaysian ringgit exchange rate of 1.74% in the last four days reduced the interest of foreign investors to crude palm oil (CPO). This resulted in CPO price on Friday (08/09/2017) opened at a lower level than the trading session the previous day.
In fact, the price of CPO on Thursday (07/09/2017) had risen sharply thanks to a positive sentiment on the EU decision related to anti-dumping biodiesel policy. In addition, the stability of soybean oil performance helped sustain CPO prices.
Currently, investors are putting off Malaysia CPO export data for the period of 1-10 September 2017 from ITS and SGS, as well as CPO production data to be published by Malaysia Palm Oil Board (MPOB) on September 11, 2017.
Malaysia's CPO exports in August 2017 are forecast to rise 1.6% to 1.42 million ton compared to July 2017. The increase in exports is believed to offset rising production, as demand from India and China is expected to remain high ahead of the festive holiday in the coming months.
Technically, according to analysts of commodity products PT Monex Investindo, CPO price is still likely to rise to test the level of 2,820 ringgit per ton before penetrating the next psychological resistance point at 2900 levels.
However, the strengthening of the Malaysian ringgit rate that limits the CPO price hike could depress the Malaysian palm commodity, even pressing it to a level of 2,700 per ton. If this happens, then the price of CPO Malaysia potentially continues to decline to 2620 ringgit per ton. (Abraham Sihombing)
Read Also
Sawit Sumbermas Sarana Preparing RSPO Virtual Tour for August 2021
Kao Corporation, Apical & Asian Agri Join Hands to Empower Smallholders…
Shared Responsibility Boosts Sustainable Palm Oil Absorption In Indonesia
RSPO Independent Smallholders Ride The Rough Patch of Covid-19
GAPKI: Thank you Indonesian Press
Today's Industry

Selasa, 17 Mei 2022 - 14:00 WIB
NORD DRIVESYSTEMS at LogiMAT in Stuttgart From 31st May to 2nd June 2022 NORD will present innovative drive solutions for intralogistics
The specialist LogiMAT exhibition in Stuttgart offers as comprehensive overview of the intralogistics and process management market. As one of the market leaders for drive technology, NORD presents…

Selasa, 17 Mei 2022 - 13:00 WIB
President Jokowi Invites US CEOs to Boost Cooperation with Indonesia
President Joko “Jokowi” Widodo has invited company CEOs in the United States to boost cooperation with ASEAN countries, particularly Indonesia.

Selasa, 17 Mei 2022 - 12:28 WIB
President Jokowi, ASEAN Leaders Attend Dinner Hosted by US President
President Joko “Jokowi” Widodo Thursday (05/12) attended a dinner with the leaders of ASEAN countries hosted by President of the United States Joe Biden at the White House, Washington D.C.

Selasa, 17 Mei 2022 - 11:23 WIB
TPE unleashes benefits for pet accessories
The pet care market is rapidly expanding as pet ownership increases, as does spending on pet food, grooming tools, and accessories. Pet owners are significantly concerned about the prevalence…

Jumat, 13 Mei 2022 - 16:15 WIB
Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021
Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…
News Comment