CPO Industry Signals Strengthening After Solid Performance, Futures Price Uptrend

Strengthening of CPO futures prices on the Malaysia Derivatives Exchange, compounded with strong performances of palm oil companies, is set to provide a tailwind for the sector.

Editorial Team

8 Mei 2024 - 16.20
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CPO Industry Signals Strengthening After Solid Performance, Futures Price Uptrend

A farmer hauls a daily harvest of oil palm in Pangkalan Bun, Central Kalimantan, Wednesday (11/5). Bisnis/Nurul Hidayat

Bisnis, Jakarta — The oil palm industry is poised to see positive catalysts amid crude palm oil (CPO) futures price and financial performance tailwinds.

Citing Bernama, futures prices of CPO strengthened with the July 2024 contracts gaining 19 points to 3,863 ringgit per ton on the Malaysia Derivatives Exchange on Monday (5/6/2024). A dealer mentioned that this increase follows the rise in the Chinese market, which reopened after the Labor Day holiday last week.

Anilkumar Bagani, head of commodities research at the Mumbai-based Sunvin Group, said soybean futures prices were mostly higher at the Dalian Commodity Exchange. Additionally, soybean oil futures trading at the Chicago Board of Trade (CBOT) during Asian hours also appeared higher, coupled with the weakening of the ringgit against the US dollar, providing support to the local CPO futures market.

Palm oil trader David Ng also said CPO prices rose due to higher crude oil prices and lower production estimates by the Southern Peninsula Palm Oil Millers Association (SPPOMA), with Malaysian palm oil production decreasing by 23.93 percent during the period of May 1–5, 2024. David Ng also noted a support at 3,800 ringgit per metric ton and resistance at 3,950 per ton.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.