CPO Commodity Update 2016 ,the price of CPO failed to capitalize on the increase of crude oilin Asian trading this afternoon. Likewise, the weakening of the Ringgit did not manage to strengthen the price of CPO.
CPO price drop triggered the estimated increased production and weak demand.
Executive Director of GAPKI (Gabungan Indonesia oil palm Entrepreneur) Fadhil Hasansaid the country's CPO production is optimistic that Indonesia will rise slightly this year if the weather phenomenon El Nino, which brings drought to plants, notprolonged.
"I think if El Niño not prolonged until February, our CPO production could reach around 33.5 million tons this year," he said.
Indonesia, which is the largest CPO Commodity producer in the world, is estimated to have produced 32.5 million tons of CPO last year.
Mean while the worries of slowing economic growth, China has also become the negative sentiment depresses the price of CPO. Such worries are prefixed with the slowly effect from China economic data at the start of the trading year 2016 Monday yesterday amounted to 7%. And the weakening of China's exchanges back continued yesterday,so investors kept close watch on the development of economy in China
The price of CPO commodity contract most active in bursa Malaysia registered a weakening incommodity trading today. Contract price March 2016 which is currently being observed active contracts declined by 12 ringgit and traded on the position of 2442 ringgit per tonne.
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