Abundant Stock, CPO Price Decreases
InfoSAWIT, JAKARTA – The crude palm oil (CPO) price was about to decrease on Thursday for the prediction of increasing stock in Malaysia.
The CPO contract for Novermber 2017 in Malaysian Stock Exchange on Thursday decreased 0,73% or 20 points atRM 2.724 Ringgit per ton. The day before, CPO was decreasing 0,55% or 15 points atRM 2.729/ton, after the previous day trade ended to decrease 0,83% at RM 2.744/ton.
Derivatives Specialist, Phillip Futures, David Ng thought, the decreasing CPO price is influenced by the prediction of stock in Malaysia. It iis predicted to be in the highest level in the last 18 months in August. “The stakeholders predicted, the stocks would be more in August,” he said, as quoted from Bloomberg.
In the same time, he continued, the palm oil exchange was also pressed by the better riggit exchange.(T3)