InfoSAWIT, JAKARTA - Crude palm oil (CPO) is potential to be cheaper in the last week trade after it was decreasing for the fourth times in the last five sessions.
Analysis of Monex Investindo Futures, Friday (24/11) said, the investors focused on the increasing production and the decreasing contract of soybean oil.
As quoted fromMetrotvnews, the palm oil production would decrease heading to the end of the year after it was in peak seasons in August, and September. But the effect oof long dry season, El Nino in 2015 would postpone the seasonal harvest in this year.
The CPO price in the short term would be at RM 2.500-2.560/ton. If it is to the lower level, it might be at RM 2.500/ton. It could be decreasing more to the support level at RM 2.475/ton.
While if it gets better, it could be at RM 2.560and could be bullish at RM 2.590/ton. (T3)