CPO Prices on December 9 Move Negatively Following a Depreciation in China

CPO futures on Bursa Malaysia weakened by noon on Friday (09/12). The decline in CPO prices follows a similar decline in competing palm oil in China.

Palm Oleins contracts for May 2017 on the Dalian Commodity Exchange slumped -1.37 percent to 6,332.

The most active CPO contract price on the Malaysian exchange today showed weakness. The February 2017 contract, which is the most active, fell by -27 ringgits or -0.9 percent, trading at 3,086 ringgits per tonne.

Vibiz Research Center analyst estimate that the price of CPO futures contracts for future trading will likely weaken, with a potential for further palm oil weakness on the Dalian Commodity Exchange. However, it is worth looking at how rising crude oil prices and a weaker ringgit may strengthen CPO prices.

The CPO futures contract price for February 2017 on the Malaysian exchange is likely to test support at 3,040 ringgits and 2,990 ringgits. Resistance is expected at 3,140 ringgits and 3,190 ringgits.

Freddy/VMN/VBN/Analyst-Vibiz Research Center

Editor: Asido Situmorang
http://vibizmedia.com/2016/12/09/harga-cpo-9-desember-bergerak-negatif-mengikuti-pelemahan-di-tiongkok/