CPO PRICE Feb 18: Fluctuates as Soybean, Oils Move in Opposite Directions

CPO futures contract for April 2016, the most actively traded contract on Bursa Malaysia, opened 0.19% higher to a price of 2,618 ringgit per ton.

The commodity initially continued to rise by 0.46% before being pressed down again and traded 0.27% weaker to 2,606 ringgit or Rp. 8.42 million per ton at 10:09 a.m. WIB.

Price movements in Kuala Lumpur fluctuated when CPO's two main substitute commodities, crude oil and soybean oil, moved in opposite directions.

Brent oil was traded 1.01% stronger at US$34.85 per barrel at 10:15 a.m. WIB, after rising 7.21% to US$34.50 per barrel at 10:15 WIB. On the other hand, the price of soybean oil fell 0.4% to US$32.09 per pound, having corrected after increasing 1.19% yesterday.

Price Movement in April 2016 CPO Contract