Strengthening Ringgit RateHas Potential to Press Malaysian CPO Price Up to 2,260 Ringgit per Ton
By : Abraham Sihombing And Aldo Bella Putra | Wednesday, November 29 2017 - 21:30 IWST
INDUSTRY.co.id - Jakarta - Despite closing down on Tuesday trading (28/11/2017), the price of crude palm oil (CPO) Malaysia technically is still likely to fall to the psychological support point of 2,400 ringgit per ton, even up to 2,260 ringgit per ton.
The decline was due to the Malaysian ringgit rate appreciation of 0.4% on Tuesday (28/11/2017). That's close to the highest level of Malaysian ringgit in the past year.
The worsening performance of West Texas Intermediate (WTI) crude oil prices due to uncertainty over OPEC meeting results this week helped drive the fall in Malaysian CPO prices.
Meanwhile, Intertek Testing Services and Societe Generale de Surveillance, said Malaysian CPO exports from November 1 to 25, 2017 decreased between 8.4-8.6% over the same period in October 2017. (Abraham Sihombing)