Profit Taking Action Still Continues to Suppress Malaysian CPO Price

By : Abraham Sihombing And Aldo Bella Putra | Friday, August 25 2017 - 20:00 IWST

5166
5166

INDUSTRY.co.id - Jakarta - The price of crude palm oil (CPO) in Malaysia's Dervative Exchange at 11:17 pm was observed at 2,749 ringgit per ton. Malaysian CPO is estimated to be transacted at a price range of 2,730-2,770 ringgit per ton.

"Malaysia's CPO price has weakened since today's trade opening. That's because Malaysian CPO exports decline reports that are constantly pushing profit-taking. In fact, the day before (Thursday, 24/08/2017), the price of CPO Malaysia had reached the highest price in the last five 5 months," said Putu Agus Pransuamitra, an analyst of PT Monex Investindo commodity products, Friday (25 / 2017).

Previously, Intertek Testing Services reported that Malaysian palm oil exports during the period from 1 to 25 August 2017 decreased 8.1% to 934,544 tonnes compared to the same period in July 2017.

Meanwhile, Putu said, the price of CPO on Thursday (24/08/2017) reached its highest point in the last 5 months, driven by expectations of a lower production increase compared to previous estimates. Until Thursday, Malaysian CPO price has even recorded a rise for 7 consecutive days.

Besides, according to Putu, soybean oil price increase which became the nearest competitor of CPO also become one of the factors that make Malaysia CPO price performance become impressive since last week. The price of soybean oil on the Chicago Board of Trade (CBOT) rose after reports that US soybean exports rose higher than expected. (Abraham Sihombing)

News Comment

Today's Industry

President Jokowi Attends WCAS COP28 in Dubai

Senin, 04 Desember 2023 - 20:48 WIB

President Jokowi Attends WCAS COP28 in Dubai

President Joko “Jokowi” Widodo attended the World Climate Action Summit (WCAS) COP28 that was held at Expo City Dubai, Dubai, United Arab Emirates (UAE) on Friday (12/1). Arriving at around…

Presiden Jokowi (Foto : Biro Pers Setpres)

Senin, 04 Desember 2023 - 20:41 WIB

President Jokowi, Norwegian PM Discuss Investment Cooperation

On the sidelines of the World Climate Action Summit (WCAS) COP28, President Joko “Jokowi” Widodo Friday (12/11) held a bilateral meeting with Norwegian Prime Minister Jonas Gahr Støre in…

President Jokowi, President MBZ Discuss Enhancement of Indonesia-UAE Cooperation

Senin, 04 Desember 2023 - 20:36 WIB

President Jokowi, President MBZ Discuss Enhancement of Indonesia-UAE Cooperation

President Joko “Jokowi” Widodo on Friday (12/01) had a face-to-face meeting with the President of the United Arab Emirates (UAE), Sheikh Mohamed bin Zayed Al Nahyan (MBZ), at the Leadership…

President Jokowi, UN Secretary General Discuss Climate Action, Gaza Situation Read more: https://setkab.go.id/en/president-jokowi-un-secretary-general-discuss-climate-action-gaza-situation/

Senin, 04 Desember 2023 - 20:32 WIB

President Jokowi, UN Secretary General Discuss Climate Action, Gaza Situation

President Joko “Jokowi” Widodo Saturday (12/02) reaffirmed Indonesia’s commitment to continuously support the United Nations (UN) in carrying out its functions and roles amid increasingly…

President Jokowi Unveils Indonesia’s Steps to Reach Net Carbon Sink in Forestry, Land Sectors

Senin, 04 Desember 2023 - 20:28 WIB

President Jokowi Unveils Indonesia’s Steps to Reach Net Carbon Sink in Forestry, Land Sectors

Indonesia is taking systematic and innovative steps in achieving a net carbon sink or net carbon absorption in the forestry and land sectors by 2030, President Joko “Jokowi” Widodo has said.…