CPO Price Up 0.34% In Early Trade Wednesday
7 October 2015 13:16 WIB
TEMPO.CO, Jakarta-CPO prices in Bursa Malaysia rebounded on Wednesday, October 7, morning following fluctuations of soybean oil price in the United States.
CPO futures contracts for December 2015, the most active contract on Bursa Malaysia, opened higher by 0.34 percent to a price of 2,427 ringgit or Rp7,67 million per ton.
CPO strengthen after Tuesday closing price fell 1.78 percent to 2,372 ringgit per tonne following the soybean oil price movements on Chicago commodity exchange.
December 2015 soybean oil contract Tuesday slumped by 1.05 percent to US$ 28.36/pound at the end of the trading period CPO on the Bursa Malaysia. However, these commodities rebounded until early Wednesday morning closing up 0.17 percent. Wednesday climbing up 0.31 percent to US$ 28.8/pound.
On Tuesday, CPO price movements were restrained by the Malaysian government policy. Minister of Plantation Industries and Commodities Malaysia Douglas Uggah Embas said Tuesday, that Malaysia would reduce imports from Indonesia to keep palm oil stocks in Malaysia below 3 million tonnes.
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