CPO Commodity Price Update Today

CPO Commodity Price Update Today

The price 

of CPO in Malaysia commodity exchange in trading Wednesday afternoon(10/02) observed experience attenuation. CPO price drop triggered the strengtheningcurrency Ringgit Malaysia.

Rising commodity prices caused the ringgit being traded in these currencies becamerelatively more expensive for buyers abroad. The impact the convictions being down.

Observed this afternoon USDMYR exchange rate was at negative position down-0.22% at 4.1622, 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-9 ringgit and traded on the position of 2571 ringgit per tonne.

Forexchair.com  estimated that the price movement of CPO futures onthe next trade will still be influenced by the movement of the ringgit currency andglobal supply and demand conditions. Crude oil prices also provided a strong influence towards the price movement of CPO. Today the potential strengthening ofthe Ringgit could happen with the weakening of the U.s. Dollar due to worries of a global slowdown, and this means a potential weakening of the price of CPO could happen.

The price of CPO futures contract April 2016 Malaysia commodity exchange can potentially test the support level at position 2520 2470 ringgit and ringgit. While the resistance level will be tested if there is no increase in the position of the ringgit and ringgit 2670 2620.