Malaysian CPO Price Will Be Burdened by Decrease in Export and Appreciation of Ringgit

By : Abraham Sihombing And Aldo Bella Putra | Monday, August 28 2017 - 22:30 IWST

kelapa sawit
kelapa sawit

INDUSTRY.co.id - Jakarta - Malaysian crude palm oil (CPO) prices opened at 2,762 ringgit per tonne in early trading on Monday (28/08/2017). In the short term, Malaysia's CPO price is expected to move in the range of 2,730-2,780 ringgit per ton.

If it can penetrate 2,780 ringgit per ton, Malaysia's CPO price could potentially touch 2,800 ringgit per ton, but if the price falls below the level of 2,730 ringgit per ton, then the CPO price will likely touch the support point of 2,700 ringgit per ton.

"Despite opening higher early in the trading session on Monday (28/08/2017), the Malaysian CPO price movement is expected to be weighed down by data on export decline and strengthening Malaysian ringgit against the US dollar," said Faisyal, Commodity product of PT Monex Investindo in Jakarta, Monday (28/08/2017).

Faisyal said, Malaysia's total CPO exports during the period from 1 to 25 August 2017 fell by about 8.1%. In fact, data published by the Societe Generale de Surveilance Cargo showed that Malaysia's CPO exports dropped 8.4% in the period.

"Meanwhile, Malaysian ringgit exchange rate at 10:29 pm rose 0.2% to 4.2640 ringgit position per US dollar. The appreciation of Malaysian ringgit rates makes CPO prices more expensive for other currency owners," Faisyal said. (Abraham Sihombing)

News Comment

Today's Industry

menperin Airlangga Hartanto

Rabu, 22 November 2017 - 23:18 WIB

Government Will Generate 1 Million Skilled Workers Until 2019

The Ministry of Industry (Kemenperin) targets 1,142,752 certified workers in 2017-2019. These efforts will be pursued through various strategic programs, namely the implementation of vocational…

Ilustrasi ATM BNI

Rabu, 22 November 2017 - 23:00 WIB

BNI is Ready to Market Healthy Savings

Jakarta - Payment of dues Social Security Administering Body (BPJS) Health continues to be made easier. This time, PT Bank Negara Indonesia (Persero) Tbk or BNI publishes savings products that…

IMF (Foto Ist)

Rabu, 22 November 2017 - 22:00 WIB

189 Countries Discuss the World Economy in Bali 2018

Jakarta - Task Force Head of IMF-World Bank (WB) Annual Meeting 2018 BI Peter Jacobs stated that hundreds of countries will discuss the world economy in Indonesia.

Kayu di Hutan

Rabu, 22 November 2017 - 21:30 WIB

Government Plans to Open the Round of Export of Logs

Jakarta - After being banned for 16 years,the government is considering opening taps for log exports or logs. The reason is to lift the price of that commodity that falls in the local market.

Menteri Kesehatan RI Prof.Dr.dr. Nila Djuwita F.Moeloek SpM (K) (Foto:frontroll)

Rabu, 22 November 2017 - 21:00 WIB

Health Minister Nila Encourages Tobacco Impact Research

Jakarta - Health Minister Nila F Moeloek encourages Indonesian researchers to do more research on the impact of tobacco on health and health costs.