Malaysian CPO Price Has Potential to Break the 2.840 Ringgit Position

By : Abraham Sihombing And Aldo Bella Putra | Tuesday, October 17 2017 - 19:00 IWST

INDUSTRY.co.id - Jakarta - Crude palm oil (Malaysia) is expected to break the price at 2,840 ringgit per ton. The price position can be achieved by Malaysian CPO if able to maintain price stability up to the psychological level of 2,800 ringgit.

"If the current bullish sentiment can continue to push the price up to 2,800 ringgit, then the price of CPO in the future is not impossible to touch 2,840 ringgit per ton," said a commodity analyst at PT Monex Investindo Futures, in Jakarta on Tuesday (17 / 10/2017).

The analyst revealed that, despite closing flat due to fall in soybean oil prices at the Chicago Board of Trade (CBOT) on Monday (16/10/2017), Malaysian CPO price in trading Tuesday (17/10/2017) is back strengthened.

"Today's price hikes are due to the high demand for CPO from India and China, Malaysia's CPO export increase in the first half of October 2017 and the rise in crude oil prices," said the analyst.

According to Intertek Testing Services (ITS), Malaysia's CPO export volume increased 10.3% in the first half of October 2017. Meanwhile, Societe Generale Suveillance (SGS) cited the 8.7% growth in export volume for the same period.

"The rise in CPO prices is also supported by the 1.4% rise in crude oil prices on Monday as a potential factional dispute in Iraq has disrupted exports," said the analyst. (Abraham Sihombing)

News Comment

Today's Industry

MOU Partnership Signed between Organisers of Bali International Airshow and Angkasa Pura I

Selasa, 05 Desember 2023 - 21:36 WIB

MOU Partnership Signed between Organisers of Bali International Airshow and Angkasa Pura I

A Memorandum of Understanding (MOU) has been signed between Indonesian state-owned enterprise PT Angkasa Pura I I Gusti Ngurah Rai International Airport - Bali and PT Inaro Tujuh Belas for the…

Environmental resilience a critical concern for major Asian cities

Selasa, 05 Desember 2023 - 21:32 WIB

Environmental resilience a critical concern for major Asian cities

Tokio Marine Group and Economist Impact announced the launch of The Resilient Cities Index 2023, a major new study into the most prominent risks faced by global cities. The index was devised…

'K-Pop Dance AI Platform' STEPIN Surpasses 200,000 Downloads

Selasa, 05 Desember 2023 - 21:29 WIB

'K-Pop Dance AI Platform' STEPIN Surpasses 200,000 Downloads

Sidewalk Entertainment, an AI startup company based in Seoul, South Korea, announced on October 30 that their global K-Pop Dance AI Platform, STEPIN, has gone beyond 200,000 downloads. STEPIN…

GIP ASEAN Chapter Launched in Jakarta

Selasa, 05 Desember 2023 - 21:25 WIB

GIP ASEAN Chapter Launched in Jakarta

Jakarta, Indonesia - The Green Investment Principles for the Belt and Road (GIP) expands its reach into Southeast Asia with a new Chapter launched. The ASEAN Chapter is a key part of GIP's…

Casio to Release MR-G with Iconic Form and Comfortable Dura Soft Band

Selasa, 05 Desember 2023 - 21:21 WIB

Casio to Release MR-G with Iconic Form and Comfortable Dura Soft Band

Casio Computer Co., Ltd. announced today the release of a new addition to the MR-G line, the flagship of the G-SHOCK brand of shock-resistant watches. The new MRG-B5000R inherits the iconic…