Ringgit Stronger, CPO Price Weighted Continued
By : Abraham Sihombing And Aldo Bella Putra | Tuesday, December 05 2017 - 21:30 IWST

Lahan Kelapa Sawit (Ist)
INDUSTRY.co.id - Jakarta - The price of crude palm oil (crude palm oil / CPO) Malaysia for delivery in February 2018 at today's trading transacted 2,562 ringgit per ton.
"That means, CPO prices continue to fall after the decline in prices that occurred yesterday (Monday, December 4, 2017 - ed) by 0.6% to 2588 ringgit per ton compared to last weekend's trading session," said Faisyal, commodity stock analyst from PT Monex Investindo Futures, in Jakarta, Tuesday (05/12/2017).
Faisyal said the fall in Malaysia's CPO price was due to the strengthening of the ringgit exchange rate against the US dollar (US). The Ringgit exchange rate today rose 0.4 percent to 4.0525 per dollar.
"The appreciation of the ringgit rate tends to depress the price of CPO as it can reduce export demand," Faisyal added.
The previous CPO price had risen to a one-week high as it followed the soybean oil rise due to the dry weather that hit Argentina and possibly harming the crop.
In addition, CPO production in Malaysia is likely to be disrupted by floods on the eastern coast of Peninsular Malaysia and the rainy season in Malaysia by the end of this year which could potentially slash production in November also shore up previous CPO prices. (Abraham Sihombing)
Read Also
Ministry of Trade Holds 12th Gambir Trade Talk 'Indonesia's Foreign…
Wilmar International and LDC Visit Orangutan Conservation Area on…
Sawit Sumbermas Sarana Prioritizes Commitment to Protect the Environment…
Sawit Sumbermas Sarana Preparing RSPO Virtual Tour for August 2021
Kao Corporation, Apical & Asian Agri Join Hands to Empower Smallholders…
Today's Industry

Selasa, 05 Desember 2023 - 21:36 WIB
MOU Partnership Signed between Organisers of Bali International Airshow and Angkasa Pura I
A Memorandum of Understanding (MOU) has been signed between Indonesian state-owned enterprise PT Angkasa Pura I I Gusti Ngurah Rai International Airport - Bali and PT Inaro Tujuh Belas for the…

Selasa, 05 Desember 2023 - 21:32 WIB
Environmental resilience a critical concern for major Asian cities
Tokio Marine Group and Economist Impact announced the launch of The Resilient Cities Index 2023, a major new study into the most prominent risks faced by global cities. The index was devised…

Selasa, 05 Desember 2023 - 21:29 WIB
'K-Pop Dance AI Platform' STEPIN Surpasses 200,000 Downloads
Sidewalk Entertainment, an AI startup company based in Seoul, South Korea, announced on October 30 that their global K-Pop Dance AI Platform, STEPIN, has gone beyond 200,000 downloads. STEPIN…

Selasa, 05 Desember 2023 - 21:25 WIB
GIP ASEAN Chapter Launched in Jakarta
Jakarta, Indonesia - The Green Investment Principles for the Belt and Road (GIP) expands its reach into Southeast Asia with a new Chapter launched. The ASEAN Chapter is a key part of GIP's…

Selasa, 05 Desember 2023 - 21:21 WIB
Casio to Release MR-G with Iconic Form and Comfortable Dura Soft Band
Casio Computer Co., Ltd. announced today the release of a new addition to the MR-G line, the flagship of the G-SHOCK brand of shock-resistant watches. The new MRG-B5000R inherits the iconic…
News Comment