Jakarta, CNBC Indonesia - Crude Palm Oil (CPO) prices fell this morning, continuing the negative trend two days ago.

In three days CPO fell 3.67%. On Friday (10/12/2021) at 09.23 WIB, the CPO price of Bursa Malaysia was recorded at MYR 4,758/ton, down 0.42% from yesterday's closing position. Wang said that the CPO short-term turn trend was confirmed in yesterday's trading with a target of MYR 4,555/ton.

Meanwhile, resistance is at MYR 4,812/ton. If the price moves up and crosses this level, the next target will be MYR 4,873-4,948/ton. However, on the daily chart there is still pressure for a rebound, said Wang. In the big picture on the daily chart CPO is still stuck at support at MYR 4,698/ton in a channeling trend.

If CPO falls past the support and breaks out of the trend, the target for CPO decline is MYR 3,936/ton. The weakening of prices is also due to data on Malaysian CPO exports which are expected to decline in early December, the Malaysian Palm Oil Board (MPOB) and cargo surveyors are scheduled to release supply and demand data later today.

"The market is trading risk from waiting for the World Agricultural Supply and Demand Forecast (WASDE) and November MPOB data," said Marcello Cultrera, institutional sales manager and broker at Phillip Futures in Kuala Lumpur.

Malaysian exports during December 1 to 10 are expected to fall 10% from the previous month. Meanwhile, Indonesia's November production is estimated to be 2%-3% higher, added Cultrera.