Jakarta, CNBC Indonesia – Crude palm oil prices (Crude Palm Oil/CPO) rose in early morning trade today. The price of this commodity has again penetrated the MYR 5,000/ton level.
On Tuesday (11/23/2021) at 10:06 WIB, the price of CPO on the Bursa Malaysia was recorded at MYR 5,004/ton. Up 0.91% compared to yesterday’s closing position.
CPO prices are still undergoing an upward trend. In the past week, the price shot up 4.51% point-to-point.
In the future, what is the prospect of CPO prices? Wang Tao, Reuters Commodity Analyst, estimates the level of resistance are in the range of MYR 5,002-5,071/ton. While level support is in the MYR 4,780-4,926/ton range.
For today’s trading, Wang assesses that the CPO price will move neutrally. It is possible that the price will move in the range of MYR 4.926-5.002/ton.
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Source: Reuters- – |
“If the price goes down and touches MYR 4,891/ton, it could continue to MYR 4,780/ton. However, if the price stabilizes above MYR 5,002/ton, it could rise again to MYR 5,071/ton,” said Wang in his research.
Investors, Wang continued, seem to need to be careful. Because it seems that the price of CPO is likely to go down.
“The neutral price range is at MYR 4,878-5,024/to. If the CPO price manages to escape this range, it will determine the direction of the next movement,” added Wang.
 Source: Reuters-– |
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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