Ekspor Diprediksi Lambat, Predicted Exports Slow, CPO Prices Threatened DownHarga CPO Terancam Turun
By : Abraham Sihombing And Aldo Bella Putra | Friday, November 10 2017 - 21:00 IWST
INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) is expected to decline in trading Friday (10/11/2017) in line with the emergence of anxiety slowdown export outlook.
The sharp decline in CPO prices has occurred in trading Thursday (09/11/2017) yesterday. That's because market players are waiting for data to be released Intertek Testing Services (ITS) and Societe General Surveillance (SGS) this afternoon.
The data was allegedly expressed expectations of Malaysian CPO exports during the first 10 days of this November which will decrease compared to the same period in the previous month.
As is known, the level of CPO consumption usually decreases in the last quarter of each year, when the northern hemisphere enters the winter. A condition suppresses the level of demand for large consumers such as China and Europe because the CPO will freeze at low temperatures (low).
"In addition, the price of Malaysian CPO is also expected to be depressed due to the decline in soybean oil prices and the strengthening of the Malaysian ringgit rate," said Faisyal, commodity analyst at PT Monex Investindo Futures, Friday (10/11/2017).
The price of soybean oil on the Chicago Board of Trade (CBOT) fell 0.3% while the ringgit rose 0.5% to 4.2050 per dollar on Thursday (09/11/207), the strongest level in more than a month.
Technically, Faisyal said, CPO price could still fall to the range of 2,710 ringgit per ton. If the level is touched, then the next CPO price will test the level of 2.670 ringgit per ton.
"However, if the export data released by ITS and SGS is positive, then the price of CPO could reach the range of 2,830-2,890 per to," Faisyal added. (Abraham Sihombing)