CPO Price in Malaysia Opens at 2,614 Ringgit Position

By : Abraham Sihombing And Aldo Bella Putra | Monday, August 07 2017 - 16:58 IWST

5166
5166

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) in Malaysia on Monday (07/08/2017) opened at 2,614 ringgit per ton, or higher than Friday (04/08/2017) of 2,605 ringgit per ton . In the short term, CPO price is likely to move in the price range 2590-2625 ringgit per ton.

"The increase in CPO price is caused by positive sentiment in line with increasing demand for CPO exports, rising crude oil prices and the depreciation of the ringgit rate," said Faisyal, an analyst of PT Monex Investindo commodity products in Jakarta, Monday (07/08/2017).

Faisyal said CPO price is still likely to continue to decline further in at once test the next support point at position 2565 ringgit per ton.

"If the support point has been tested, then the CPO price will then move to a resistance point of 2625 ringgit per ton and will continue to try to test the next resistance point at 2,655 ringgit per ton," Faisyal said.

According to a survey results in Malaysia, Malaysia's CPO export volume in July 2017 posted a 4% increase to 1.43 million tons. This is due to increased shipments to China and Europe.

Baker Huges, an American energy services company, launched West Texas Intermediate (WTI) crude oil price on Monday (07/08/2017) to $ 49.59 a barrel. The price is close to its recent 9-week high. The increase came after US oil producers closed the operation of 1 oil rig in the weekly period ending on 4 August 2017 to 765 units.

Meanwhile, the weakening of the ringgit exchange rate against the US dollar (US) helped boost CPO prices. At 10:34 GMT, the ringgit rate weakened 0.05% to 4.279 per US dollar. Depreciation of the ringgit rate will result in CPO prices being cheaper for currency owners other than the ringgit. (Abraham Sihombing)

News Comment

Today's Industry

Sergey Sedov, Founder and CEO of Robocash Group

Jumat, 13 Mei 2022 - 16:15 WIB

Robocash Group reached 2 BN USD of disbursement and issued audited financial report of 2021

Robocash Group publishes the audited combined financial statements for the year ended 31 December 2021. The Group reached an all-time high 2 BN USD of issued financing and is expected to increase…

PT Sariguna Primatirta Tbk (Tanobel Group)

Jumat, 13 Mei 2022 - 15:45 WIB

Demand Increases, CLEO Recorded IDR307.7 Billion Sales in Q1-2022

PT Sariguna Primatirta Tbk (Tanobel Group), a public company and manufacturer of Bottled Drinking Water (AMDK) with the IDX ticker code: CLEO: IJ, recorded a 30% increase in sales reaching IDR307.7…

TopWorx DX PST with HART 7 monitors and tests valve assemblies, providing detailed data and diagnostics and enabling the digital transformation of process applications.

Jumat, 13 Mei 2022 - 15:15 WIB

Emerson’s New Emergency Shutdown Discrete Valve Controller Improves Safety, Uptime in Hazardous Applications

Emerson introduced the TopWorxTM DX PST with HART® 7. Units provide valuable valve data and diagnostic information, enabling the digital transformation of process applications.

PT Buyung Poetra Sembada Tbk (“HOKI”)

Kamis, 12 Mei 2022 - 15:26 WIB

HOKI Launches Another New Product

PT Buyung Poetra Sembada Tbk (“HOKI”), a Public Company which produces quality rice under the “Topi Koki” and “HOKI” brands, continues to innovate by re- launching new products.…

Rockwell Automation Inc. /obe.wisc.edu

Kamis, 12 Mei 2022 - 14:19 WIB

Rockwell Automation Releases New, Highly Customizable Industrial Monitors

Rockwell Automation, Inc. (NYSE: ROK), the world’s largest company dedicated to industrial automation and digital transformation, today announced the release of a new line of industrial monitors…