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Jakarta, CNBC Indonesia – Crude palm oil price (crude palm oil/ CPO) during the week is slightly stronger. That followed reports that oil virgin red palm oil Effective to help strengthen the body’s resistance against the new coronavirus that causes Covid-19.
Futures contract price (futures) Palm oil on the Malaysian stock exchange was registered at a level of 2,088 ringgit (Rp. 7.23 million) per ton on Friday (1/5/2020), or up 0.63% compared to the end of the week previous.
However, throughout this year (year to date/ YTD), the prices of these plantation products continue to drop by 28%, compared to the position at the end of last year at 2,897 ringgit per ton.
The positive news related to the CPO comes from Gajah Mada University (UGM). Professor at the UGM Department of Food Technology and Agricultural Products, Sri Raharjo, said that the beta-carotene content in Virgin Red Palm Oil (VRO) is 15 times more than carrots.
As is known, beta-carotene is needed to develop the body’s resistance against viruses. In addition, palm also contains vitamin E (tocopherol) and high tootrienols, known as antioxidants that can also boost the immune system.
“Vitamin E, tokotrienol and provitamin A dissolved in VRO are powerful antioxidants that can prevent free radicals,” he said in an online webinar titled “Natural Red Palm Oil (VRO) to Increase Immunity to Cope. the Covid-19 pandemic “on Tuesday (04/21/2019).
On Monday, CPO prices fell 2.12% to 2,018 ringgit / ton. After the seminar, it was broadcast by the News Agency. BetweenCPO prices rose on Tuesday and continued on the positive path for the past four trading days this week.
Overall, however, the global vegetable oil market is still depressed due to declines in EU manufacturing and consumption, amid regional quarantine policies (confinement) that several countries apply.
Dorab Mistry, Director of Godrej International, said the Covid-19 outbreak hit CPO consumption for both vegetable oil and biodiesel by as much as 30%. He estimates that the outlook for Indonesian and Malaysian commodities will remain bleak.
““The CPO price will enter a strong downward phase, until it approaches production costs,” he said. Reuters. Although at the beginning of the year, the CPO price was able bullish (upward trend) after an increase in demand from China due to the trade war.
China imports vegetable oil from Argentina, Brazil and other countries, in addition to the USA. USA Due to the tariff increases imposed by the Superpower. However, before the Chinese New Year, in February, traders sell CPO futures contracts until the price drops 10% in a week.
On the other hand, India also registered a decrease in consumption, with imports that have fallen between 350,000-400,000 tons so far and will reach between 2 and 7 million tons by the end of the year, according to Sandeep Bajoria, Executive Director (CEO) of Sunvin Group, was quoted as saying Reuters.
This Bollywood country is the second largest CPO consumer in the world after China. Last yearCPO imports from India reached 9.5 million tonnes.
CNBC INDONESIA INVESTIGATION TEAM
(ags / miq)
