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

Photo: Aris Nurjani/VOI

Rabu, 28 Februari 2024 - 12:47 WIB

Carsurin and NBRI Strengthen Strategic Alliance to Propel Indonesia’s EV Industry

PT Carsurin Tbk ("Carsurin") and the National Battery Research Institute ("NBRI") are pleased to announce the signing of a pivotal Strategic Alliance Agreement (SAA), marking a significant advancement…

Beras (Foto/Rizki Meirino)

Rabu, 21 Februari 2024 - 08:43 WIB

Gov’t to Continue Disbursing Rice Assistance

President Joko “Jokowi” Widodo has ensured that the Government will continue rolling out the rice assistance program for low-income families. The President made the statement when handing…

Ilustrasi pabrik beras. (Foto: DetikFood)

Rabu, 21 Februari 2024 - 08:40 WIB

Bapanas Head Ensures Availability of Rice Stock Ahead of Ramadan

The National Food Agency (Bapanas) has ensured the availability of rice for the fasting month of Ramadan and Eid al-Fitr 1445 Hijri/2024 CE. “We believe that there is enough rice for the fasting…

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Rabu, 21 Februari 2024 - 08:23 WIB

Receives Chairman of Jababeka (KIJA), Menpora Dito Ready to Support the Development of Sports SEZs

Chairman of PT Jababeka Tbk (KIJA), Setyono Djuandi Darmono met the Minister of Youth and Sports of the Republic of Indonesia (Menpora RI) Dito Ariotedjo at the Kemenpora RI Office, Senayan,…

The Indonesian Embassy in Cairo Receives Aid for Palestine

Senin, 19 Februari 2024 - 17:39 WIB

The Indonesian Embassy in Cairo Receives Aid for Palestine

The Indonesian Embassy in Cairo welcomes the Radjiman Wedyodiningrat Warship (RJW-992) which arrived at the Al Arish Port, North Sinai Province of Egypt at 8.00 A.M. Cairo local time (13/02).…