The Palm Scribe

CPO price rises

Bisnis Indonesia, 25 January 2019

The benchmark crude palm oil (CPO) contract, according to “Bloomberg”, rose 0.61% or 14 points to $2,297 per metric ton on Thursday (January 24). Sunvin Group Research Head Anilkumar Bagani said, as cited from “Bloomberg” on Thursday (January 24), higher CPO export would reduce palm oil stockpile. In addition, the positive outlook estimated by industry experts at the Conference and Exhibition on Indonesia Palm Oil in Karachi, Pakistan, on 6 September 2018 and soybean oil and sunflower oil price drop were also contributing to CPO price surge, he said.

Meanwhile, CIMB Kuala Lumpur commodity analyst Chandran Sinnasamy said Malaysian palm oil stockpile might exceed estimation, which would trigger bearish trend. However, CPO price might strengthen in near future due to lower seasonal production cycle, stable crude oil price, and import duty revocation imposed by India, he said.

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