Beware of Production Increase, Malaysia CPO Price Potentially Down

By : Abraham Sihombing And Aldo Bella Putra | Monday, November 20 2017 - 20:00 IWST

INDUSTRY.co.id - Jakarta - The price of crude palm oil (crude palm oil / CPO) Malaysia is expected to go back down in trading Monday (20/11/2017).

"The reason is that market players are considering increasing import taxes on vegetable oils in India and the projected increase in production," said Faisyal, an analyst at PT Monex Investindo Futures, in Jakarta on Monday (20/11/2017).

The Indian government has raised import duty for CPO to 30% from the previous 15% in an effort to limit cheaper CPO shipments and increase local CPO prices to support local farmers.

According to a Reuter’s survey, Indonesia's CPO production is likely to rise 8.8 percent from 3.63 million tons to 3.95 million tons in September 2017.

Hasan Hasril Siregar, Director of Indonesian Palm Oil Research Institute, said that CPO production in October 2017 should be higher because it is the peak of the harvest season.

"Palm oil production in November 2017 is expected to return to the level as in September," said Hasan.

In today's trading, market participants will be waiting for reports of CPO exports from the company Cargo Surveyor ITS and Cargo Surveyor SGS for the amount of demand for palm oil.

Meanwhile, the Malaysian ringgit today has the potential to move in the range of 2,620-2,730 per US dollar. The nearest support point is predicted to be at 2.650 with the nearest resistance point at 2700. (Abraham Sihombing)

News Comment

Today's Industry

President Jokowi Attends WCAS COP28 in Dubai

Senin, 04 Desember 2023 - 20:48 WIB

President Jokowi Attends WCAS COP28 in Dubai

President Joko “Jokowi” Widodo attended the World Climate Action Summit (WCAS) COP28 that was held at Expo City Dubai, Dubai, United Arab Emirates (UAE) on Friday (12/1). Arriving at around…

Presiden Jokowi (Foto : Biro Pers Setpres)

Senin, 04 Desember 2023 - 20:41 WIB

President Jokowi, Norwegian PM Discuss Investment Cooperation

On the sidelines of the World Climate Action Summit (WCAS) COP28, President Joko “Jokowi” Widodo Friday (12/11) held a bilateral meeting with Norwegian Prime Minister Jonas Gahr Støre in…

President Jokowi, President MBZ Discuss Enhancement of Indonesia-UAE Cooperation

Senin, 04 Desember 2023 - 20:36 WIB

President Jokowi, President MBZ Discuss Enhancement of Indonesia-UAE Cooperation

President Joko “Jokowi” Widodo on Friday (12/01) had a face-to-face meeting with the President of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed Al Nahyan (MBZ), at the Leadership…

President Jokowi, UN Secretary General Discuss Climate Action, Gaza Situation Read more: https://setkab.go.id/en/president-jokowi-un-secretary-general-discuss-climate-action-gaza-situation/

Senin, 04 Desember 2023 - 20:32 WIB

President Jokowi, UN Secretary General Discuss Climate Action, Gaza Situation

President Joko “Jokowi” Widodo Saturday (12/02) reaffirmed Indonesia’s commitment to continuously support the United Nations (UN) in carrying out its functions and roles amid increasingly…

President Jokowi Unveils Indonesia’s Steps to Reach Net Carbon Sink in Forestry, Land Sectors

Senin, 04 Desember 2023 - 20:28 WIB

President Jokowi Unveils Indonesia’s Steps to Reach Net Carbon Sink in Forestry, Land Sectors

Indonesia is taking systematic and innovative steps in achieving a net carbon sink or net carbon absorption in the forestry and land sectors by 2030, President Joko “Jokowi” Widodo has said.…