CPO PRICE OCT 24: Ringgit weakens, palm oil extends gains

Palm oil futures for January 2017, the most active contract on Bursa Malaysia, opened 0.55 percent higher this morning or 15 points to reach the level of 2,739 ringgit per ton. Its movement continues to rise 0.70 percent or 19 points to reach the position of 2,743 at 10:01 WIB. Meanwhile, in the trading on Friday (21/10), the price of palm oil closed higher by 0.22 percent or 6 points at the position of 2,724. In the meantime, the valuation of the Malaysian ringgit this morning is observed to have weakened by 0.08 percent to reach 4,1825 per US dollar at 10:17 WIB. As quoted by Bloomberg today, MIDF Research has maintained the positive review of the plantation sector and predicts the price of palm oil at a range of 2,500-3,000 ringgit per ton in the next three months along with the low supply of palm oil globally. The Malaysian research company also stated that plantation issuers can benefit slightly from the increase in exports and improvement of the quality of palm oil in the long term. Movement of CPO Contract Prices for January 2017




Date


Level


Change



24/10/2016(10:01 WIB)
2.743
+0,70%



21/10/2016


2.724


+0,22%




20/10/2016


2,718


-0,51%




19/10/2016


2.732


+0,66%




18/10/2016


2.714


-1,95%




Source: Bloomberg

Editor: Gita Arwana Cakti