Jakarta, CNBC Indonesia – Crude palm oil prices (Crude Palm Oil/CPO) fell in yesterday’s trade. In the future, what are the prospects for CPO prices? Are you sinking or can you get up?
Yesterday, the price of CPO in Bursa Malaysia was closed at MYR 4,650/ton. Down 0.73% from the previous day’s closing position.
CPO is experiencing a bad trend. In the past week, the price decreased by 5.62% on a point-to-point. Over the past month, the correction has reached 8.3%.
The deep correction has made CPO prices likely to rise. Wang Tao, Reuters Commodity Analyst, estimates that today’s CPO price target is MYR 4,751/ton.
“The price of CPO has the opportunity to rebound to the range of MYR 4,751-4,812/ton. The cycle of falling prices seems to be over,” said Wang in his research.
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Source: Reuters- – |
In the near term, continued Wang, the key to CPO price movement is MYR 4,587/ton. If it manages to stay above the point support Thus, the risk of the price dropping to MYR 3,936/ton can be minimized.
“There is a possibility that the price can undergo uptrend towards MYR 5,170/ton. It will depend on how strongly CPO prices can recover,” said Wang.
 Source: Reuters-– |
CNBC INDONESIA RESEARCH TEAM
(aji / aji)
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