Today, Malaysian CPO Price Breaks to 2,744 Ringgit per Ton

By : Abraham Sihombing And Aldo Bella Putra | Monday, October 09 2017 - 21:00 IWST

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) was recorded at 2,744 Malaysian ringgit per ton at the opening of trading on Monday (09/10/2017), or an increase compared to last weekend's trading.

"The increase came amid sentiment for rising crude oil and soybean oil prices. The increase is predicted to be limited by the strengthening of the Malaysian ringgit rate, "said Faisyal, an analyst at PT Monex Investindo Futures, in Jakarta, Monday (09/10/2017).

As is known, the price of West Texas Intermediate (WTI) crude oil rose to US $ 49.50 per barrel on Monday (09/10/2017). The price increase halted price declines that occurred at the end of last week.

The decline in prices that occurred at the end of last week due to the expectation that Saudi Arabia will continue the cuts in oil production to support the increase in crude oil prices in global markets.

"In addition, WTI price increases are also caused by the decline in the number of new oil drilling rigs in the United States," said Faisyal.

Faisyal also said the price of soybean oil contract in the US on this day rose in 4 consecutive trading sessions. That was triggered by concerns over dry weather in South America that pushed up to the highest price position in the past two weeks.

While the Malaysian ringgit rate at 10:21 pm monitored strengthened 0.14% to 4.2300 position. Strengthening the Malaysian ringgit rate will make CPO prices more expensive for other currency owners.

According to Faisyal, if it continues to strengthen, then the CPO price has the potential to break the resistance point at 2,765 ringgit per ton and continue to reach 2,790 ringgit per ton.

"However, if the price of CPO drops to a level of 2,700 ringgit per ton, the price of vegetable oil will continue to decline to 2,675 ringgit per ton," Faisyal said. (Abraham Sihombing)

News Comment

Today's Industry

Totolink outlet. (Photo: Public Relation of Totolink)

Kamis, 11 Juli 2024 - 22:08 WIB

Totolink Strengthens Commitment to Innovative and Reliable Network Solutions for Indonesia

Marking a strategic step, Totolink Indonesia proudly announces the enhancement of its head office in Jakarta, located at Harco Mangga Dua Blok E No.28, Sawah Besar, Central Jakarta.

The President Commissioner of Bersama Digital Data Centres (BDDC), Setyanto Hantoro (fourth right) and The President Director of BDDC, Angelo Syailendra (third right) during the BDDC JST1 Inauguration Ceremony in Jakarta on Wednesday (10/07/2024).

Kamis, 11 Juli 2024 - 19:03 WIB

BDDC Inaugurates JST1 TIER IV Data Centre in Jakarta to Strengthen Digital Infrastructure

Bersama Digital Data Centres (BDDC), an in-town data centre provider with interconnectivity and integrated digital systems, inaugurated its 5 MW Tier IV data centre facility, JST1 (Jakarta Selatan…

The Board of Directors of PTT Global Chemical (GC) pose for a group photo after receiving the prestigious SNI (Indonesian National Standard) certification for its InnoPlus Polyethylene resin. (Photo: GC Public Relations)

Kamis, 27 Juni 2024 - 15:30 WIB

Global Chemical Achieves Prestigious SNI Certification for InnoPlus Polyethylene Resin

PTT Global Chemical (GC) is proud to announce its successful attainment of the prestigious SNI (Indonesian National Standard) certification for its InnoPlus Polyethylene resin.

 Financial Literacy

Rabu, 26 Juni 2024 - 22:47 WIB

The Importance of Financial Literacy

Financial literacy refers to the ability to understand and use various financial skills effectively, including personal financial management, budgeting, and investing.

Unveiling New Opportunities

Rabu, 26 Juni 2024 - 14:52 WIB

Unveiling New Opportunities

As we step into 2024, the cryptocurrency landscape continues to evolve, presenting unprecedented opportunities for investors, developers, and enthusiasts.