Malaysian Production Data Weighed CPO Prices This Weekend

By : Abraham Sihombing And Aldo Bella Putra | Friday, August 11 2017 - 17:01 IWST

5166
5166

INDUSTRY.co.id - Jakarta - Malaysian Palm Oil Board (MPOB), an official institution that manages Malaysia's crude palm oil (CPO) trade, on Thursday (10/08/2017) published an official announcement that Malaysia's CPO production rose 16.8% to 1.89 million tons in July 2017 compared to the previous month's 1.78 million tons.

Official publication on the Malaysian CPO production was responded negatively by the market, so the CPO price on Friday (11/08/2017) is expected to decline in Malaysia after opening weakened to the level of 2636 ringgit per ton.

"The negative response arises because the increase in CPO production volume is higher compared to the results of a poll conducted by Reuters to the previous market participants who predicted the increase is only 6.5%," said Faisyal, an analyst of PT Monex Investindo commodity products in Jakarta, Friday 11/08/2017).

Meanwhile, Malaysian government data showed that CPO production in July 2017 increased 20.7% to 1.83 million tons. The data is also higher than the growth estimate of only about 11% to 1.68 million tons.

"Despite the data, Malaysia's CPO price decline is also triggered by the continued decline in global crude oil prices due to market anxiety about high supply in the global market," he added.

Faisyal also said that CPO price in Friday's trade is predicted to move between 2,570-2,700 ringgit per ton. The price of CPO is expected to hit the previous level of 2600 ringgit per ton before it finally slumped at 2,570 ringgit per ton.

"If there is a trend of price increase, then CPO price will attempt to break the level of 2,675 ringgit per ton before finally reaching the level of 2,700 ringgit per ton," Faisyal concluded. (Abraham Sihombing)

News Comment

Today's Industry

Cyber Attack (Images by IDN Times Jabar)

Jumat, 21 Februari 2020 - 09:09 WIB

Cyber Attack Fears are Delaying Business Innovation

Survey conducted by bug bounty and pentesting platform, HackerOne, has revealed that IT projects are being stifled due to security concerns. More than 80% of UK CISOs and CTOs who were interviewed…

OnRobot (Images by Business Wire)

Kamis, 20 Februari 2020 - 15:33 WIB

OnRobot Expands Innovative Gecko Gripper Family with Compact Gecko Single-Pad Gripper

OnRobot, a global leader in robotic end-of-arm tooling, has launched a compact, single-pad version of its innovative Gecko no-mark adhesive gripper. The new Gecko Single Pad gripper brings the…

Synopsys, Inc. (Images by PR Newswire)

Kamis, 20 Februari 2020 - 15:13 WIB

Synopsys Announces First Application Security Testing Solution

Synopsys, Inc. Announced that it will release a major update to the Polaris Software Integrity Platform to extend its static application security testing and software composition analysis capabilities…

Coronavirus themed Malware (Images by Novel coronavirus COVID-19 FDA)

Kamis, 20 Februari 2020 - 14:46 WIB

Beware of the other virus, the spread of Coronavirus-themed Malware

While the world attempts to take control over the spread of the Coronavirus, and tries to contain, eliminate and prevent it from spreading, hackers around the globe have found the Coronavirus…

Synopsys Software Integrity Group (Images by BusinessNews Indonesia)

Kamis, 20 Februari 2020 - 14:07 WIB

How to Cyber Security, It’s all about developers, except when it’s not

To get security testing results in front of developers, who are in the best position to address them effectively, you need automation and integration. Product security is hard. The goal is to…