TEMPO.CO, Jakarta - The price of CPO has hit its lowest level for this year. amid the slow-moving prices of soybean oil and crude oil.
On Monday August 24, CPO futures contract for November 2015—the most active contract on the Malaysian Crude Palm Oil Futures (FCPO)—opened 2.06 percent down to 1,945 ringgit or Rp6.41 million per ton. It further dropped to 1,947 ringgit per ton at 10:10 pm local time.
CPO is currently in its lowest price range since August 2014, when prices closed at 1,929 ringgit per ton.
Low CPO prices are in line with the sluggish movements of crude oil and soybean oil prices in the US market.
The WTI crude oil has been traded below US$40 a barrel since late last week. This morning, the commodity slumped 3.02 percent to US$39.23 per barrel.
Meanwhile, soybean oil was traded for a price of US$27.08 a pound this morning, its lowest level in nearly nine years for the most-active contract on the Chicago commodities market.
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