Malaysian CPO Price Probably Increases to 2,720 Ringgit per Ton

By : Abraham Sihombing And Aldo Bella Putra | Wednesday, October 04 2017 - 20:00 IWST

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) in Malaysia Derivatives Exchange traded at 2,703 Malaysian ringgit per ton at 11:12 am on Wednesday (04/10/2017).

"The price of CPO is likely to reach 2,720 ringgit per ton because the price of palm oil is now moving in the range of 2,680-2,720 ringgit per ton," Putu Agus Pransuamitra, an analyst at PT Monex Investindo commodities exchanged in Jakarta, Wednesday (04/10/2017).

Putu said the rise in CPO prices was in line with the emergence of positive sentiment after the World Bank (World Bank) raised the projection of China's economic growth.

"Indeed, the price of CPO since yesterday (Tuesday, 3 October 2017-ed) just rose in the last five trading days. It is also supported by the weakening Malaysian ringgit exchange rate," said Putu.

The World Bank raised its forecast for China's economic growth for the year to 6.7% from 6.5% earlier. In addition, the international institution also raised the growth for 2018 to 6.4% from 6.3%.

China is one of the largest vegetable oil consumers in the world. World Bank projections indicate an increase in economic activity in the country's bamboo curtain.

The condition is expected to increase demand for vegetable oil, including CPO, so that the World Bank step is a positive sentiment for future CPO price movement. (Abraham Sihombing)

News Comment

Today's Industry

The President Director of PT Trimegah Sekuritas Indonesia Tbk (TRIM), Philmon Tanuri (left) delivered remarks at the kick off of Trimegah's collaboration with IA SBM-ITB in Jakarta on Wednesday (05/06/2024).

Jumat, 07 Juni 2024 - 19:43 WIB

Trimegah Sekuritas Supports Ikatan Alumni SBM-ITB to Realise Lifelong Learning Mission

In order to realise its mission of “Educate and create wealth for community through unique and professional investment experience”, PT Trimegah Sekuritas Indonesia Tbk (TRIM) collaborates…

Wellington College Independent School Jakarta (WCIJ)

Senin, 29 April 2024 - 05:02 WIB

One of the UK’s Most Established Schools Chooses Jakarta for Their Latest Opening

Wellington College Independent School Jakarta (WCIJ) is thrilled to announce its grand opening in September 2024! As the first private UK school to open in Indonesia, WCIJ, a pioneering co-educational…

Presiden Jokowi

Selasa, 23 April 2024 - 10:29 WIB

President Jokowi Reaffirms Commitment to Farmers’ Welfare

President Joko “Jokowi” Widodo on Monday (04/22) inspected corn harvest in Boalemo regency, Gorontalo province. “Our corn import has decreased significantly from 3.5 million tonnes to…

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…