The Palm Scribe

CPO price drops amid ringgit appreciation

Bisnis Indonesia, 1 February 2019

The benchmark crude palm oil (CPO) contract for April 2019 delivery on the Malaysia Derivatives Exchange (MDEX) fell 4 points or 0.17% to 2,299 ringgit per metric ton at Thursday’s (January 31) closing, according to “Bloomberg”. However, the benchmark CPO contract still increased 9.78% year-to-date. Asia Tradepoint Futures analyst Deddy Yusuf Siregar told “Bisnis” on Thursday (January 31) that CPO price was weakening due to ringgit appreciation against US dollar, which caused CPO traders who used foreign currency to avoid trading.

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