The price of palm oil on the Malaysian Futures Exchange (FCPOc1) fell by 1.02% to MYR 3.987 per ton on Thursday, May 30, 2024, from the previous day's close. The CPO price had 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 9.74% (year-to-date/YTD). Similarly, year-on-year (YOY), the CPO price has increased by 16.24% compared to the same period.
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.
Previously, the government banned the export of cooking oil and CPO on April 28, 2022. This ban caused the CPO price in the Medan spot market to fall by Rp 5,334.04 per kg or 18.13% to its lowest point of Rp 24,085.37 per kg on May 20, 2022.
The government then reopened exports on May 23, 2022, and CPO prices began to show an upward trend.
In some parts of Indonesia, the price of branded cooking oil remains high. The National Strategic Food Price Information Center (PIHPS) reported that cooking oil prices were still above Rp 20,000 per kg yesterday.
Lampung, for example, recorded the highest price for branded cooking oil in Indonesia, at Rp 30,950 per kg. Other regions include East Nusa Tenggara at Rp 28,900 per kg, Bengkulu at Rp 26,300 per kg, parts of North Maluku at Rp 25,700 per kg, and South Sulawesi at Rp 24,300 per kg.