Malaysian CPO Price Predicted Will Be Supported by Soybean Oil Price Increase
By : Abraham Sihombing And Aldo Bella Putra | Monday, February 26 2018 - 20:00 IWST
Kebun Kelapa Sawit (Ist)
INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) is expected to continue the increase that has occurred since Friday (23/02/2018) last week. CPO price is potential to touch the position of RM2.572 per ton on Monday (26/02/2018). CPO price is expected to move in the range of RM2.510-2.572 per ton.
"The price of CPO up to now still gets negative sentiment due to reduced demand and lower production decline than expected. However, soybean oil price hikes also lifted the price of CPO and possibly will continue until the end of today's trading, "said the research team of Research Department of PT Monex Investindo Futures, in Jakarta, Monday (26/02/2018).
According to the team of analysts, Malaysia's CPO production rate was reported down 6.4% over the period 1 to 20 February 2018 compared to the same period in the previous month. The decline was well below market expectations expecting a double-digit decline.
Meanwhile, soybean oil prices rebounded on Monday (26/02/18), tracking soybean prices near the highest level in the past year due to concerns about crop failures in Argentina due to drought. (Abraham Sihombing)