CPO skyrockets due to rupiah's depreciation

“Tight supply concerns and strong demand continue to support the price rally, especially since the Malaysian ringgit has also weakened,” said Tasvinderjit Singh, associate director at CIMB Futures, as quoted by Bloomberg. Singh said CPO demand is likely to be lifted ahead of the Chinese New Year celebration at the end of the month, which typically drains available supplies as household demand for palm oil rises. Malaysia’s CPO exports rose 6.7 percent to 513,762 tons in Jan. 1-15 from the same period a month earlier, cargo surveyor Intertek said. For now, sentiment in the global marketplace strongly suggests that CPO prices are on the rise. http://investasi.kontan.co.id/news/cpo-melambung-naik-didukung-pelemahan-ringgit