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12 Oct 2016

CPO PRICE OCT 12: Malaysia Stocks Rise Almost 6%, Palm Oil Down

CPO PRICE OCT 12: Malaysia Stocks Rise Almost 6%, Palm Oil Down

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%



Source: Bloomberg

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