CPO PRICE JAN 21: Malaysian Export Data Weighs on Palm Oil Rebound

April 2016 CPO futures, the most actively traded contract on Bursa Malaysia, was opened rising 0.12% to 2,458 ringgit, or Rp7.8 million, per ton.
However, the commodity immediately turned around and fell. CPO price weakened 0.29% to 2,448 ringgit per ton at 10.21 WIB.
CPO price is still depressed at a time when the commodity of vegetable oil substitute begins to rebound. Soybean oil price this morning rose by 0.34% to US$29.91 per pound, whereas WTI crude oil price rose by 1.13% to US$28.67 per barrel.
Negative sentiment that still affects CPO price trading is Malaysian export performance. SGS Testing Service estimates that Malaysian CPO export decreased by 10.5% year-over-year to reach 666,288 tons on December 1–20, 2016.
April 2016 CPO Contract Price Movement




Date


Level


Change



January 21, 2016(10.21 WIB)

2.448


-0.29%




January 20, 2016


2.455


-0.93%




January 19, 2016


2.478


+0.32%




January 18, 2016


2.470


+0.24%




January 17, 2016


2.464


+0.28%




Source: Bloomberg