CPO FUTURES November 24th: Opened Higher Following Rebound in Soybean Oil

The CPO futures contract for February 2015, the most active contract on Bursa Malaysia, opened up 0.48% higher at 2,293 ringgit or IDR7.38 million per ton.
The commodity then traded within a narrow range and fell as much as 0.09% to 2,280 ringgit per ton. At 10.06 WIB, the CPO price rose 0.09% to 2,284 ringgit per ton.
The CPO futures contract price rebounded into the green zone after closing 0.35% lower yesterday as the price of soybean oil dropped in the US.
Soybean oil on the Chicago commodities exchange plunged 1.21% yesterday to US$ 27.84/pound.
However, soybean oil has rebounded and was up 0.04% in early trading this morning. At 10.13 IWB, the price of soybean oil had climbed 0.43% to US$ 28.31/pound.
Price Movement of CPO Contracts for February 2015




Date


Level


Change



11/24/2015(10.06 WIB)
2,284
+0.09%


11/23/2015
2,282
-0.35%


11/20/2015
2,290
-0.39%


11/19/2015
2,299
-0.82%


11/18/2015
2,318
+1.09%



Source: Bloomberg