Export Increases, Malaysia CPO Price Should Rise

By : Abraham Sihombing And Aldo Bella Putra | Tuesday, October 31 2017 - 21:00 IWST

INDUSTRY.co.id - Jakarta - Despite opening lower at 2,829 Malaysian ringgit per ton compared to Monday (30/10/2017), crude palm oil / crude palm oil (Malaysia) price potentially strengthened in trading on Tuesday (31/10/2017).

"This is due to the optimistic report on Malaysian CPO exports as well as production growth in October 2017 which is predicted to be lower than market estimates," said Faisyal, a commodity stock analyst at PT Monex Investindo Futures, in Jakarta, Tuesday (31/10/2017).

Intertek Testing Services reported on Tuesday (31/10/2017) that Malaysia's palm oil exports in October 2017 rose 2.5% to 1.407 million tons from 1.373 million tons in the previous month.

Meanwhile, Malaysia's CPO production fell 1.7% in September 2017 because of the high number of working days cut due to holidays. Meanwhile, Malaysia's CPO production in October 2017 is expected to be lower than expected.

Faisyal said, with Malaysia's CPO price level at today's trading open, its resistance point is estimated at 2,835 ringgit per ton.

"But if the point of resistance can be penetrated, then the price of CPO Malaysia will continue to increase to reach 2860 ringgit per ton," said Faisyal.

Meanwhile, Faisyal, Malaysia's CPO price support point is estimated at 2,800 ringgit per ton. Therefore, if the support point is broken, then Malaysian CPO price is estimated to be 2,770 ringgit per ton. (Abraham Sihombing)

News Comment

Today's Industry

Presiden Jokowi bersama masyarakat (Foto Dok Industry.co.id)

Senin, 18 Juni 2018 - 16:30 WIB

Bara JP BPLN English Supports Jokowi in the 2019 Presidential Election

Jakarta - Volunteer Line Jokowi The President of the Foreign Representative Body (Bara JP BPLN) of England supports Joko Widodo as President of RI in the next period.

PLN (Foto/Rizki Meirino)

Senin, 18 Juni 2018 - 16:00 WIB

Normal Electricity Supply and Safe Fuel Distribution In H + 3 Idul Fitri

Jakarta - Entering H + 3 Idul fitri 1439 H, National Coordinating Energy and Mineral Resources (ESDM) Minister ensures the availability of electricity supply, fuel oil and Liquefied Petroleum…

Antisipasi lonjakan bbm

Senin, 18 Juni 2018 - 15:30 WIB

Anticipation of Spike in Fuel Requirement Reverse Flow, Posko ESDM Sector Prepares This

Jakarta - A total of 109 tankers, 32 dispensers, 17 Kiosk Pertamax, 13 Serambi Pertamax and 200 packaging motorcycles, are again alerted by PT Pertamina (Persero) along the Idul fitri 1439 H…

Komjen Pol Drs Mochamad Iriawan SH MM MH (Foto Dok Industry.o.id)

Senin, 18 Juni 2018 - 15:00 WIB

Komjen Pol M Iriawan Inaugurated as PJS Governor of West Java

Bandung - Police High Officer who is also the Main Secretary of the National Resilience Institute of Komjen Pol, Drs Mochamad Iriawan SH MM MH was officially replaced as Acting Governor of West…

Rizieq Shihab Imam Besar Front Pembela Islam (Foto Dok Industry.co.id)

Senin, 18 Juni 2018 - 14:30 WIB

MUI Invites People to Respect SP3 Rizieq Shihab

Jakarta - Vice Chairman of the Indonesian Ulema Council Zainut Tauhid Saadi invites people to respect the legal process termination by the police (SP3) on cases involving Rizieq Shihab.