CPO PRICE MARCH 10: Market Gains Support From Malaysia Exports

The contract for the May 2016 delivery of CPO, the most actively traded contract at Bursa Malaysia, opened 0.51% higher at a price of 2,570 ringgit or Rp8.2 million per ton.

The commodity continued to rise after jumping 1.15% yesterday. At 10:17 WIB, the CPO was traded 0.35% stronger at 2,566 ringgit per ton.

Intertek's Data shows that the export of CPO climbed 31.1% to 327,551 tons on March 1-10 2016, from 249,835 tons on February 1-10 2016.

Positive sentiments also came from CPO substitute commodities, which were on the rise. The price of soybean oil earlier today closed by climbing 1.93% and slipped 0.44% to US$31.60 per pound at 10:17 WIB. The price of Brent crude oil fell 0.46% to US$40.88 per barrel at 10:18 WIB after closing 3.58% stronger yesterday.