JAKARTA, investor.id – The price of Crude Palm Oil (CPO) contracts on the Bursa Malaysia Derivatives fell again on Friday (23/9/2022). This decline occurred in two consecutive days.
Based on data from Bursa Malaysia Derivatives at the close of Friday (23/9/2022), the CPO futures contract for delivery in October 2022 fell 88 Malaysian Ringgits to 3,673 Malaysian Ringgits per tonne. The November 2022 delivery contract fell 87 Malaysian Ringgits to 3,710 Malaysian Ringgits per tonne.
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Meanwhile, the contract for delivery in December 2022 was corrected by 90 Malaysian Ringgits to 3,736 Malaysian Ringgits per tonne. The contract for delivery in January 2023 was eroded by 93 Malaysian Ringgits to 3,760 Malaysian Ringgits per tonne.
Also, the contract for delivery in February 2023 fell by 81 Malaysian Ringgits to 3,807 Malaysian Ringgits per tonne. The contract for delivery in March 2023 lost 76 Malaysian Ringgits to 3,845 Malaysian Ringgits per tonne.
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Research & Development ICDX Girta Yoga said CPO prices are relatively moving in a narrow range. Because the current positive sentiment is still overshadowed by uncertainty about the continuation of the proposed DMO policy to be revoked. “CPO price is moving at the resistance of 3,900 – 3,950 Malaysian Ringgit per tonne, and the position support 3,780 – 3,750 Malaysian Ringgit per tonne,” said Yoga to Investor Dailyrecently.
According to Yoga, next week the CPO price trend is likely to remain stable in a narrow range. However, this trend has the potential to be corrected if there are strong indicators in the market released this weekend or early next week.
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Yoga said the indicators to be monitored next week are the release of Malaysian CPO export data in September, the development of the situation in Indonesia related to the biodiesel program and the DMO policy.
“CPO price is expected to move to resistance in the price range of 3,900 – 3,950 Malaysian Ringgit per ton. While the position support in the price range of 3,750 – 3,700 Malaysian Ringgit per ton,” he concluded.
Editors : Beautiful Handayani ([email protected])