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

Ponemon Institute

Selasa, 16 April 2019 - 11:16 WIB

2019 Ponemon Study on Automation and Cybersecurity Staffing in Asia Pacific, United States and the UK shows an evolving Asia Pacific cybersecurity arena

2019 Ponemon Study on Automation and Cybersecurity Staffing in Asia Pacific, United States and the UK shows an evolving Asia Pacific cybersecurity arena

Hypertherm software

Selasa, 16 April 2019 - 10:57 WIB

Hypertherm Unveils New Home for Cam Software Content

Hypertherm unveils new home for CAM software content HANOVER, N.H. — April 16, 2019 — Hypertherm, a U.S. based manufacturer of industrial cutting systems and software, is unveiling a brand-new…

Etihad Airways airline (Foto Ist)

Kamis, 11 April 2019 - 12:44 WIB

ETIHAD AIRWAYS TO INTRODUCE BOEING 787 ON SERVICES TO KUALA LUMPUR AND BRUSSELS

ETIHAD AIRWAYS TO INTRODUCE BOEING 787 ON SERVICES TO KUALA LUMPUR AND BRUSSELS

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions

Kamis, 11 April 2019 - 12:34 WIB

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions

Synopsys Recognized as a Leader in Independent Analyst Report on Software Composition Analysis Solutions

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…