Latest News

23 Jun 2016

CPO Price on June 23 Has Potential to Rise

CPO Price on June 23 Has Potential to Rise


For predicting Malaysian CPO trading tomorrow, Thursday (June 23), it is important to consider the key market sentiments that drive CPO prices, which are the Ringgit currency and the price of crude oil.
The Ringgit currency is observed to be weakening slightly this afternoon. It is observed that the USDMRY currency pair has risen by 0.05 percent to 4.0350.
For the price of crude oil, it is observed to U.S. crude inventories fell by 5.2 million barrels for the week ended June 17, the API said. The trade group's figures were triple the draw of 1.7 million barrels forecast by analysts in a Reuters poll.


The August contract for U.S. crude futures, the new front month contract from Wednesday, had climbed 9 cents to $49.94 a barrel by 0223 GMT. Earlier it rose to as high as $50.54, marking the first time it had risen above $50 since June 10.


Brent crude futures were up 4 cents at $50.66 a barrel, after settling down 3 cents at $50.62 on Tuesday.


Tonight, the EIA will release U.S. weekly crude oil supply data which is predicted to show a deeper draw. If realized, it could increase the price of crude oil.
It is estimated that the price of crude oil has the potential to increase with sentiment of a production decline, but the strengthening U.S. dollar should be considered ahead of the British referendum vote on the European Union on June 23.
Observe: Crude Oil Prices Rise During Asian Session, Break Through $50

The CPO price for the most active contract on the Malaysian commodities exchange closed down at the close of trading yesterday. The price of the September 2016 contract, which is the most active contract, closed down by -28 Ringgit at the position of 2,374 Ringgit per ton.

See: CPO Prices Strengthened on April 21, Triggered by Weakening Ringgit


Vibiz Reasearch Center Analysts predict that the CPO futures price will potentially increase in the next trading session due to the potential weakening of the Ringgit and the rising price of crude oil. The price movement can also be affected by the conditions of global supply and demand.


The price of the CPO futures contract for September 2016 on the Malaysian commodities exchange potentially tests the Resistance level at the position of 2,425 Ringgit and 2,475 Ringgit. Meanwhile, the Support level that will be tested if a weakness occurs is at the position of 2,325 Ringgit and 2,275 Ringgit.



Editor: Asido Situmorang
http://vibiznews.com/2016/06/22/crude-oil-prices-rise-during-asian-session-break-through-50/


Recent Post

Logo KPBN

Contact Us

Jl. Cut Meutia NO. 11, RT. 13, RW. 05, Cikini, Menteng, Kota Jakarta Pusat, DKI Jakarta. Kode Pos. 10330

(021)3106685, (021)3907554 (Hunting)

humas@inacom.co.id

PT. Kharisma Pemasaran Bersama Nusantara

Social Media

© Inacom. All Rights Reserved.