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KUALA LUMPUR. The contract price of crude palm oil (CPO) to record a sharp drop in transactions today. This afternoon, the price of crude palm oil contract for December delivery fell 1.3% to 2807ringgit or U.S. $ 877 per metric ton on the Malaysia Derivatives Exchange
, Kuala Lumpur. This is the lowest level since lastOctober 8, 2010. At 16:02, the same contract traded at position2816 ringgit per metric ton.
CPO prices decline occurred as investor worries about Europe's debt crisis that could cut the level of demand for CPO. In fact, palm oil reserves in Malaysia posted an increase. In addition, Asian stock markets also helped give a negative sentiment for CPO prices. As you know, this afternoon, the MSCI Asia Pacific indexhad slumped 2.3% to 107.62.
"As long as the stock market was in negative territory, it will have a negative impact also on the CPO market. The pressure on theCPO market will still happen today," said Ryan Long, Vice President of Futures Options OSK Holdings Bhd.
Long added that the Malaysian palm oil reserves in the last monthis predicted to rise after the production rate in the neighbor countrywas recovering from its lowest level in four months in August.
In addition, the level of exports also recorded a decrease of CPO.Based on data released by the surveyor Intertek on 30 September,the Malaysian palm oil exports in September fell 6.3% to 1.52million tonnes. In fact, in August, Malaysian CPO exports reached1.62 million tons.
source: kontan.co.id
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, Kuala Lumpur. This is the lowest level since lastOctober 8, 2010. At 16:02, the same contract traded at position2816 ringgit per metric ton.
CPO prices decline occurred as investor worries about Europe's debt crisis that could cut the level of demand for CPO. In fact, palm oil reserves in Malaysia posted an increase. In addition, Asian stock markets also helped give a negative sentiment for CPO prices. As you know, this afternoon, the MSCI Asia Pacific indexhad slumped 2.3% to 107.62.
"As long as the stock market was in negative territory, it will have a negative impact also on the CPO market. The pressure on theCPO market will still happen today," said Ryan Long, Vice President of Futures Options OSK Holdings Bhd.
Long added that the Malaysian palm oil reserves in the last monthis predicted to rise after the production rate in the neighbor countrywas recovering from its lowest level in four months in August.
In addition, the level of exports also recorded a decrease of CPO.Based on data released by the surveyor Intertek on 30 September,the Malaysian palm oil exports in September fell 6.3% to 1.52million tonnes. In fact, in August, Malaysian CPO exports reached1.62 million tons.
source: kontan.co.id
please give me comments thanks
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