The price of CPO in Malaysia stock commodity on our trade day (21/01) tracked down significantly. CPO price drop depressed the currency strengthening Ringgit Malaysia.
Rising commodity prices caused the ringgit being traded in these currencies became relatively more expensive for buyers abroad. Its impact demand down sharply.
Observed this afternoon USDMYR exchange rate was at negative position down-0.08% at 4.3810, this means going on the strengthening of the Ringgit against the u.s. dollar.
The price of CPO April 2016 which is the most active contract on the exchange of commodities Malaysia today looks experience attenuation. Contract price April 2016 which is the most active contracts decreased by-20 ringgit and traded at position 2435 ringgit per tonne.
Forexchair estimates that the price movement of CPO futures on the next trade will still beinfluenced by the movement of the ringgit currency and global supply and demand conditions.Crude oil prices also provided a strong influence towards the price movement of CPO.
The price of CPO futures contract March 2016 Malaysia commodity exchange can potentially test the support level at the position of 2385 ringgit and 2335 ringgit. While the resistance level will be tested if there is no increase in the position of 2485 ringgit and 2535 ringgit.
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