MARKET DEVELOPMENT
CPO Price Increases Following Surging Oil Price Rates
CPO Price Increases Following Surging Oil Price Rates
04/07/2013 (Jakarta Post) - The price level of crude palm oil (CPO) increased for the first time over the last six days.
Bloomberg reported that CPO price rates for September delivery rose by 0.8 percent to US$740 per metric ton on the Malaysian Derivatives Bourse in the morning on Wednesday.
The rising CPO price was triggered by the increasing West Texas Intermediate (WTI) oil price, which surpassed the $100 per barrel mark for the first time since September last year.
“Crude oil’s strength may encourage some biodiesel demand to come in,” LT International Futures Sdn., head of Trading Chandran Sinnasamy said as quoted by Bloomberg.
“The Ramadhan demand is still there,” he added referring to the Muslim fasting month.
Bloomberg reported that CPO price rates for September delivery rose by 0.8 percent to US$740 per metric ton on the Malaysian Derivatives Bourse in the morning on Wednesday.
The rising CPO price was triggered by the increasing West Texas Intermediate (WTI) oil price, which surpassed the $100 per barrel mark for the first time since September last year.
“Crude oil’s strength may encourage some biodiesel demand to come in,” LT International Futures Sdn., head of Trading Chandran Sinnasamy said as quoted by Bloomberg.
“The Ramadhan demand is still there,” he added referring to the Muslim fasting month.