Jakarta, CNBC Indonesia – Crude palm oil prices (Crude Palm Oil/CPO) moved up in trading this morning. In the future, what are the prospects for CPO prices?
On Wednesday (8/12/2021) at 09:29 WIB, the price of CPO on the Bursa Malaysia was recorded at MYR 4,936/ton. Up 0.14% from the previous day’s closing position.
CPO prices are in an uptrend. Over the past week, the price of this commodity rose 5.65% on a point-to-point.
It looks like the trend of rising CPO prices will continue. Wang Tao, Commodity Analyst at Reuters, estimates that the CPO price target for today is MYR 5,069/ton. While level support is in the range of MYR 4,812-4,873/ton.
“The price of CPO could continue to rise towards its peak at MYR 5,069/ton. Uptrend after the price touched the lowest point of MYR 4,032/ton it still continued,” Wang wrote in his daily research.
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Source: Reuters- – |
When uptrend CPO prices continue, added Wang, so the next target is MYR 5,641/ton. However, investors still need to be vigilant, because once the price touches MYR 5,069/ton the upward trend will stop for a moment.
 Source: Reuters-– |
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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