Malaysian CPO Price Moves in Range 2,590-2,620 Ringgit

By : Aldo Bella Putra | Friday, August 04 2017 - 19:45 IWST

5166
5166

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) in Malaysia Derivative Exchange is expected to move in the range of 2,590-2,620 ringgit per ton in trading this Friday (04/08/2017). The price of CPO is now at 2,605 ringgit per ton, which is the lowest price this week. CPO price is potential to weaken to its support level at the level of 2590 per ton.

"The price of CPO in Malaysia Derivatives Exchange has dropped for three consecutive days on Thursday (03/08/2017) yesterday, making the price of vegetable oil is likely to record the first weekly decline in three weeks," said Putu Agus Pransuamitra, commodity analyst of PT Monex Investindo, in Jakarta, Friday (04/08/2017).

Putu said the decline in CPO prices is due to market participants predict CPO production in Malaysia will increase. The condition began to press the price of CPO since Tuesday (01/08/2017) ago.

"Besides, the decrease of soybean oil price also gives negative sentiment to CPO price. It is balanced, because two weeks before the price of CPO had risen up to the highest level in the last two months is also supported by soybean oil price increase," said Putu.

Besides, Putu said, the strengthening of Malaysian ringgit rate against US dollar also gives negative sentiment to CPO price. As is known, the Malaysian ringgit today re-strengthened to the highest level throughout the last 6 weeks.

Meanwhile, CPO prices in Indonesia's Commodity and Derivatives Exchange today moved in the range of Rp8,200-8,610 per kilogram. (Abraham Sihombing)

News Comment

Today's Industry

L/R: Alwin Zecha, Founder - Pacific Leisure Group, Thailand; Hiran Cooray Chairman - Jetwing Symphony PLC, Sri Lanka; and Akbar Shareef, Chairman & Chief Executive - Rakaposhi Tours (Pvt) Ltd., Pakistan (Photo by Global Travel Media)

Jumat, 16 Oktober 2020 - 17:15 WIB

PATA Honours Industry Leaders, Pioneers and Professionals at 69th Annual General Meeting

The following awards were presented during the 69th Annual General Meeting held online PATA Gallery of Legends Award, PATA Life Membership, and PATA Chair’s Award.

Evan Dumas, Regional Director, Southeast Asia, Check Point Software Technologies (Photo by Linkedin)

Jumat, 16 Oktober 2020 - 17:00 WIB

3 Key Principles Businesses Must Keep In Mind When Securing the Remote Workforce

It is critical that organisations take steps to secure the remote workforce to prevent falling victim to the next cyber attack.

Tim Mackey, Principal Security Strategist, Synopsys Cybersecurity Research Centre (CyRC) (Photo by Synopsys)

Kamis, 15 Oktober 2020 - 19:05 WIB

Common Questions When Establishing an Organisational Culture of DevSecOps

Organisations are introducing security earlier in the software development life cycle (SDLC) by expanding close collaboration between development and operations teams in the DevOps movement…

Evan Dumas, Regional Director, Southeast Asia, Check Point Software Technologies (Photo by Linkedin)

Rabu, 14 Oktober 2020 - 21:45 WIB

Securing the Remote Workforce in the New Normal — 5 New Cyberthreat Trends to Look Out For

Check Point Research have observed 5 new trends in cyberthreats that were triggered by the outbreak of the coronavirus.

Hypertherm, a U.S. Based Manufacturer of Industrial Cutting Systems and Software

Rabu, 14 Oktober 2020 - 21:30 WIB

Hypertherm Releases New CSR Report with Updates On Community Outreach, Environmental Impact, and Associate Well-Being

Hypertherm, a U.S. based manufacturer of industrial cutting systems and software, announced the release of its 2019 Corporate Social Responsibility Report.