12 Oct 2016
The CPO futures contract for December 2016, the most active contract on the Bursa Malaysia, fell 0.11% or 3 points to 2,608 ringgit per ton at 09:53 western Indonesia time.
The price of palm oil had previously opened lower by 0.15% or 4 points to a position of 2,607.
On yesterday’s trading (11/10), the price of palm oil closed having spiked by 2.71% or 69 points to 2,611, in line with the weakening performance of the Malaysian ringgit.
Meanwhile, the value of the ringgit this morning was monitored as having weakened by 0.20% to 4.1860 per US dollar at 10:08 western Indonesia time.
As quoted by Bloomberg, the volume of palm oil stock on the Malaysian Palm Oil Board has increased by 5.7% to 1.55 million tons in September, slightly more than the prediction of 1.51 million tons, primarily caused by a sharp decline in exports.
In September, the export volume dropped 20.4% to 1.45 million tons with the fall in exports to India, China, and the European Union being 40.3%, 33.9%, and 27.1% respectively, in line with the reduced competitive level of the price of palm oil (with regard to soybean oil).
Movement in the Price of CPO for the December 2016 Contract
Date | Level | Change |
12/10/2016 (As of: 09:53 western Indonesia time) | 2.608 | -0.11% |
11/10/2016 | 2.611 | +2.71% |
10/10/2016 | 2.542 | -0.74% |
7/10/2016 | 2.561 | -0.70% |
6/10/2016 | 2.579 | +0.90% |
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