"Landep News"
The decrease in Indonesian crude palm oil (CPO) price that happened at the close of trading day on Tuesday (05/07/2011) is predicted to continue. This is caused by the increased supply of CPO.
Palm oil prices again weakened as a result of reports that Malaysian palm oil production for this year will increase by 600,000 tons to 17.6 million tones compared to last year.
“In addition, the weakening of oil palm is also triggered by the impact of renewed weakness in crude oil prices which incidentally is the main energy commodities to the position of 94 dollars per barrel,” said the head of the Commodity Futures Trading Supervisory Board Syahrul R Sempurnajaya in a press release in Jakarta on Wednesday.
Indonesian Palm Oil Farmers
On the Indonesian Commodity Exchange and Derivatives, the CPO prices also recorded a decreased. The CPO futures prices for delivery in July 2011 closed at the level price of USD 1.03 per kilogram or weakening of Rp 45 per kilogram.
In Medan, the palm oil fresh fruit bunches (FFB) are also experienced a downward trend in prices. The selling price of FFB is decreased by Rp 50 per kilogram. Currently the price of FFB at the collection agent reservoir is at Rp 1,120 per kilogram. This is lower than the the previous lowest price of Rp 1,530 per kilogram. FFB price declines due to the weakening CPO prices in international markets.
The world’s palm oil stocks would be expected to increase as estimation that the production level is increases in Indonesia and Malaysia.
CPO production from April to September is expected to rise by 9.4 percent to 25.8 million tones, compared to last year which actually fell by 0.4 percent. Meanwhile, global production this year expected to rise by 7.2 percent to 49.2 million tones.
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