Increased Price of Soybean Oil Potentially Boost CPO Price Increase

By : Aldo Bella Putra | Monday, July 24 2017 - 12:07 IWST

5166
5166

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) was traded at 2,551 ringgit per tonne at 12 noon in Malaysia Derivatives Exchange on Thursday (20/07/2017). The CPO price indicates an increase in price compared to the previous day's price. Today's price of CPO has the potential to move in the range of 2,530-2,570 ringgit per ton. Meanwhile, CPO price in Indonesia Derivative Commodity Exchange is estimated to move in the price range Rp8,250-8,660 per kilogram.

"The increase in CPO price in Malaysia today is due to soybean oil price hike - which is the closest competitor of CPO, as well as an increase in Malaysia's export performance. The soybean oil price hike causes consumers to switch to using CPO to meet their needs, thus pushing the CPO price up, "said Putu Agus Pransuamitra, commodity market analyst at PT Monex Investindo, in Jakarta on Thursday (20/07/2017).

Meanwhile, Putu said that the soybean oil price hike was due to the potential depressed production volume of the commodity along with the arrival of warm and dry weather that hit soybean plantations in the United States and tended to cut soybean production which is the main raw material of soybean oil.

According to Intertek Testing Service data, exports of various Malaysian palm products during the period of 1-20 July 2017 increased 10.5% to 796,664 tons compared to the same period in the previous month of 721,020 tons.

"The increase in export volume of various palm products continues to provide a positive indication for improving the production performance of those products in Malaysia. Because the demand for these products previously expected to drop after the Ramadhan and Lebaran holidays, "said Putu. (Abraham Sihombing)

News Comment

Today's Industry

Application-based transportation provider, Grab Indonesia (Foto Ist)

Jumat, 19 Oktober 2018 - 11:43 WIB

SoftBank Case, Lippo Bribes Question Grab Business amid Blood Money Swirl

Two major cases which have now charged Grab investors, namely SoftBank and Lippo Group, are expected to threaten the online transportion operator's business credibility.

Grab (Ist)

Kamis, 11 Oktober 2018 - 12:36 WIB

Women Activists Criticize GRAB Indonesia on Victims Harassment Mediation

A number of women activists express their anger and regret at the GRAB Indonesia. The Malaysian applicator response to bring together between a driver partner who is allegedly harassed his passengers…

Panen Padi (Foto Dok Industry.co.id)

Senin, 08 Oktober 2018 - 03:30 WIB

Banten Lebak Farmers Harvest 55,622 Tons of Dry Grain

Lebak-Petani in Lebak Regency, Banten, during September 2018 harvests rice in an area of ​​9,347 hectares of paddy fields with a production of 55,622 tons of dried pungut (GKP) grain.

Bawang Merah (Ist)

Senin, 08 Oktober 2018 - 03:00 WIB

Kelompok Tani Sengingi Riau Panen Bawang Merah

Kuantan Singing - Beken Jaya Benai Farmer Group in Kuantan Singingi Regency, Riau Province harvesting shallots up to tens of tons managed on a quarter hectare of land, the results can improve…

Senin, 08 Oktober 2018 - 02:30 WIB

PT Pertamina Lubricants Wins Two TOP CSR 2018 Awards

Jakarta - PT Pertamina Lubricants managed to bring home two awards at the TOP CSR 2018 TOP CSR category on Lubricants Business, namely for the Corporate Social Responsibility (CSR) Enduro Student…