Production Slows, Malaysia CPO Price has Potential to be Stronger
By : Abraham Sihombing And Aldo Bella Putra | Wednesday, September 27 2017 - 22:00 IWST
INDUSTRY.co.id - Jakarta - Malaysian crude palm oil (CPO) prices rebounded to 2,739 ringgit a ton. That is caused by market players' concerns about the slowdown of CPO production in the neighboring country of Indonesia.
Production data published by Southern Oil Millers Association (SOMA) indicates a 0.8% decline in Malaysian CPO production over the period September 1-15, 2017.
"In addition, the performance of crude oil prices in the world market, the strengthening of soybean oil prices and the depreciation of the ringgit exchange rate against the US dollar also helped boost CPO price," said an analyst at PT Monex Investindo Futures, in Jakarta, Wednesday (27/09/2017) .
The analyst explains, Malaysian CPO price technically still has a chance to strengthen to reach its resistance point at 2,800 ringgit per ton. That's because the decline in CPO prices some time ago failed to penetrate to the support level at the level of 2680 per ton.
Meanwhile, according to the analyst, Indonesia's Ministry of Trade will maintain CPO export tax at zero percent for October 2017. The CPO export tax of zero percent has been in effect for six consecutive months. (Abraham Sihombing)
Read Also
ISPO to Leverage Palm Oil Competitiveness Level?
Rebranding Indonesian Palm Oil: A Lesson of Starbucks Traceability…
Ministry of Trade Holds 12th Gambir Trade Talk 'Indonesia's Foreign…
Wilmar International and LDC Visit Orangutan Conservation Area on…
Sawit Sumbermas Sarana Prioritizes Commitment to Protect the Environment…
Today's Industry

Senin, 09 Juni 2025 - 14:22 WIB
Savyavasa and Permata Bank Launch Exclusive Foreign Mortgage Program
Savyavasa, a luxury residential development by Swire Properties and JSI Group under PT Jantra Swarna Dipta, in collaboration with Permata Bank, presents a new solution for foreign nationals…

Rabu, 21 Mei 2025 - 10:09 WIB
Indonesia, Thailand Sign MoU on Health Sector, Focusing on Global Capacity, Collaboration
As a part of President Prabowo Subianto’s official visit to Thailand, both countries signed a Memorandum of Understanding (MoU) on health sector, in an effort to strengthen bilateral cooperation…

Rabu, 21 Mei 2025 - 10:06 WIB
Indonesia, Thailand Deepen Cooperation on Security, Trade, and Regional Stability
resident Prabowo Subianto has reaffirmed Indonesia’s strong commitment to deepening bilateral relations with Thailand during the meeting with Thailand’s Prime Minister Paetongtarn Shinawatra…

Selasa, 20 Mei 2025 - 12:44 WIB
Boediman Widjaja's Technology Ready to be Adopted in Jababeka Industrial Estate (KIJA)
In an exclusive seminar entitled "A Great Step: Boediman Widjaja Story - Going from Indonesia, Thriving in Singapore" held at the President Lounge, Menara Batavia, Boediman Widjaja, Founder…

Jumat, 02 Mei 2025 - 10:46 WIB
Binawan and Government Support Indonesian Nurses in Europe through Scholarships
In the midst of the viral #KaburAjaDulu hashtag as a symbol of the young generation's disappointment with domestic working conditions, Binawan responded with real action: dispatching Indonesian…
News Comment