CPO prices predicted to continue rising

Quoting Bloomberg, Friday (5/2) the CPO price for the April 2016 delivery contract at Malaysia Derivative Exchange increased 1.93% to RM 2,580 per metric ton or equivalent to US$ 600.50 per metric ton. In fact, the CPO price has increased 5.60% in the past week. "So compared to other commodity prices, the CPO price has a better projection,” said Wahyu Tri Wibowo, Analyst at Central Capital Futures. Indeed, this CPO price increase continues to occur amidst slow erosion of other commodity prices. Wahyu suspects there is a chance that the price will continue to climb at least around 20% in 2016. `If the price stays at around RM 2,400 - RM 2,700 per metric ton, then the trend will continue to be bullish," predicted Wahyu. Wahyu's prediction is in line with BMI Research's statement, which suspects that the CPO price could remain in the range of RM 2,700 per metric ton in the next three months. CIMB suspects that the price will increase around 14% on average in 2016 at the level of US$ 2,450 per metric ton.
Meanwhile, Marcello Cultrera, Dealer at Oriental Pacific Futures Sdn in Kuala Lumpur, suspects that the CPO price could move in the range of RM 2,600 - RM 2,700 per metric ton throughout February – March 2016. "The chance of the price continuing to climb at least until the end of the first quarter of 2016 is still wide open," stated Deddy Yusuf Siregar, Research and Analyst at PT Asia Tradepoint Futures. At least Deddy suspects the price will be in the range of RM 2,600 - RM 2,670 per metric ton until the end of the first quarter.
Reporter Namira Daufina/Kontan

Editor: Choirul Arifin
Source: Kontan

http://www.tribunnews.com/bisnis/2016/02/08/harga-cpo-diprediksi-masih-akan-terus-naik