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13 Jun 2016

CPO PRICES 13 JUNE: Initially Strengthened, CPO Turns To Slightly Weaken 0.08%

 CPO PRICES 13 JUNE: Initially Strengthened, CPO Turns To Slightly Weaken 0.08%


The CPO futures contract for August 2016, the most active contract on Bursa Malaysia, opened up 0.43% or 11 points this morning at a position of MYR2,591 per ton.


The price of palm oil then moved down slightly 0.08% or 2 points to the level of MYR2,578 per ton at 10.01 WIB.


Meanwhile, the rupiah exchange rate weakened on the Asian spot market against the US dollar. The Malaysian currency depreciated 0.69% to MYR4.10 against the US dollar at 10.17 WIB.


In last week’s trade (10/6/2016), CPO price movement closed down slightly 0.27% or 7 points to the position of MYR2,580 per ton.


Based on the research team from MIDF Research as cited from Bloomberg, the CPO price that opened stronger was in line with Malaysian palm oil exports that increased 9% (month-on-month/MoM) to 1.28 million metric tons.


CPO Price Movement for the August 2016 Contract



































Date
Level
Change
11/6/2016
(10.01 WIB)
2,578
-0,08%
10/6/2016
2,580
-0,27%
9/6/2016
2,587
-0,08%
8/6/2016
2,589
-0,38%
7/6/2016
2,599
-2,29%

Source: Bloomberg

 


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