Malaysia CPO Depressed

The price of CPO in Malaysia commodity exchange trading on Tuesday (23/5) endeddown depressed weakening crude oil price.

The fall in the price of crude oil into the negative sentiment a boost which resulted inthe price of CPO is stuck in the trend of weakening. The weakening crude oil pricesmake alternative fuels such as those made from CPO reduced her request.

In Asian trading, US crude oil futures for April delivery down 1.59 per cent at $ 32.87 per barrel at 03:10 pm HK/SIN time. The price of crude oil futures global benchmark Brent also fell 1.47 percent to $ 34.18 a barrel.

The price of CPO contract most active on the exchange of commodities Malaysiatoday are experiencing weakening. Contract prices May 2016 which is the most active contracts decreased by 15 ringgit and traded on the position of 2551 ringgit per tonne.

www.yessnews.com estimated that the price movement of CPO futures onthe next trade is still potentially a weakening trend to continue. Price movements will still be influenced 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 2500 2450 ringgit and ringgit. While the resistance level will be tested if there is no increase in the position of 2600 2650 ringgit and ringgit.