18/2/2020
Agri-Commodity Update 18th February -2020
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Fundamental Aspect:
Oil palm farmers have called on the government to take concrete actions to implement policies designed to create a sustainable palm oil industry and deliver supportive programs for oil palm growers.
The Oil Palm Smallholders Union (SPKS) alleged that despite the adoption of several key government regulations to make the industry more sustainable, no significant impact has been seen. On the contrary, palm oil prices dropped once the regulations took effect, heaping more misery to already struggling farmers.
Source: Jakarta Globe
Technical Aspect
CPO (February)
CPO has its support at 705 and resistance 715.
Break and close below 705 will see a fall till 690---680 levels or else it can touch its resistance level of 715 again.
Sell it on rise!
Trade with levels only.
Chana (March)
Chana has its support at 4040 and immediate resistance is 4110.
Break and sustain above 4110 will see a rise till 4180---4250 or else it can touch its support level of 4040 again.
Buy it on dips!
