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CPO price rises to MYR 3,976 per ton

Agus Dwi Darmawan 29/06/2024 14:14 WIB

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Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of Friday, June 28, 2024

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Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of Friday, June 28, 2024

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The price of palm oil on the Malaysian Futures Exchange (FCPOc1) increased by 0.79% to MYR 3,976 per ton on Friday, June 28, 2024, from the previous day's closing price. The CPO price reached its highest level of MYR 4,579 per ton on Wednesday, April 3, 2024.

Compared to the beginning of the year, the CPO price in the Spot Market today is up 9.44% (year-to-date/YTD). Similarly, on a year-on-year basis (YOY), the CPO price has increased by six percent.

Meanwhile, domestically, the price of palm oil in the Medan spot market reached Rp 15,410 per kg at the close of trading on Wednesday, April 17, 2024.

In April 2022, the day before the export ban on CPO was implemented, the price of palm oil in the Medan spot market fell to Rp 19,419 per kg on April 27. Meanwhile, from April 28 to May 18, 2022, the CPO price in the Medan spot market fell by 10.08% to Rp 26,453.87 per kg.

As is known, starting April 28, 2022, the government banned the export of cooking oil and its raw materials. This policy was implemented to overcome the shortage and suppress the soaring price of cooking oil in the domestic market. However, this ban proved ineffective in curbing the high price of cooking oil domestically.

In some parts of Indonesia, the price of branded cooking oil is still high. The National Strategic Food Price Information Center (PIHPS) reported that cooking oil prices yesterday were still above Rp 20,000 per kg.

Some regions recording high cooking oil prices include East Nusa Tenggara, where cooking oil was sold at Rp 29,250 per kg.

Other regions with the highest national cooking oil prices include Lampung (Rp 28,850 per kg), Bengkulu (Rp 26,300 per kg), North Maluku (Rp 25,100 per kg), and parts of South Sulawesi (Rp 23,700 per kg).

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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CPO price rises to MYR 3,976 per ton

CPO price rises to MYR 3,976 per ton

CPO price rises to MYR 3,976 per ton

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CPO price rises to MYR 3,976 per ton

CPO price rises to MYR 3,976 per ton

CPO price rises to MYR 3,976 per ton

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