MARKET DEVELOPMENT
Ringgit Slumps, Palm Oil Soars
Ringgit Slumps, Palm Oil Soars
22/10/20152 (Tempo.co) - Jakarta-CPO prices continue to rise in early trading on Wednesday, October 21, supported by the depreciation of the ringgit.
CPO futures contract for January 2015, the most active contract on Bursa Malaysia, opened higher 1.34 percent to 2,350 ringgit per tonne.
CPO extended gains after rebounding on Tuesday, closing rebound 1.98 percent to 2,319 ringgit per tonne. At 10:09 am, CPO traded higher by 1.21 percent to 2,347 ringgit or Rp7,49 million per tonne.
Exchange rate sentiment is the main sentiment affecting CPO exchanges trading of the Malaysian commodity market. The ringgit weakened 1.4 percent on Tuesday.
The ringgit movement impacted on CPO competitiveness against vegetable oil produced by other countries, especially soybean oil produced by US farmers.
CPO futures contract for January 2015, the most active contract on Bursa Malaysia, opened higher 1.34 percent to 2,350 ringgit per tonne.
CPO extended gains after rebounding on Tuesday, closing rebound 1.98 percent to 2,319 ringgit per tonne. At 10:09 am, CPO traded higher by 1.21 percent to 2,347 ringgit or Rp7,49 million per tonne.
Exchange rate sentiment is the main sentiment affecting CPO exchanges trading of the Malaysian commodity market. The ringgit weakened 1.4 percent on Tuesday.
The ringgit movement impacted on CPO competitiveness against vegetable oil produced by other countries, especially soybean oil produced by US farmers.