Depreciation of Malaysian Ringgit Continues, CPO Price Is More Powerful
By : Abraham Sihombing And Aldo Bella Putra | Thursday, March 01 2018 - 21:00 IWST
Kebun Kelapa Sawit (Ist)
INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) for May 2018 at Malaysia Derivatives Exchange increased 0.2% to RM2,547 or equivalent to US $ 649.25 per ton. Technically, CPO price moves in the range of RM2.537-2.562 per ton.
"The price of CPO rose slightly in early trading this Thursday which is the beginning of March 2018 as sustained by the depreciation of Malaysian Ringgit (RM). The weakening of the Malaysian currency has boosted transaction volume, especially by foreign buyers," said PT Monex Investindo Futures research team in Jakarta on Thursday (01/03/2018).
Previously, CPO price movements followed other vegetable oil price movements amid meetings planned from cargo surveyors and industry conferences next week, where leading analysts are scheduled to discuss global vegetable oil price developments. (Abraham Sihombing)