Crude Palm Oil (CPO) Price Falls to US$1,030 per Metric Ton

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Agus Dwi Darmawan 08/07/2024 11:22 WIB

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The National Strategic Food Price Information Center (PIHPS) reports that cooking oil prices remained above Rp 20,000 per kg yesterday.

Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of Friday, July 5, 2024

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Crude Palm Oil (CPO) Price Falls to US$1,030 per Metric Ton

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Crude Palm Oil (CPO) Prices Over the Last Three Months - Data as of Friday, July 5, 2024

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Crude Palm Oil (CPO) prices on the Rotterdam Spot Market fell 1.44% to US$1,030 per metric ton on Friday, July 5, 2024, from the previous day's closing price. CPO prices had reached a high of US$1,160 per metric ton on Wednesday, April 3, 2024.

Compared to the beginning of the year, CPO prices on the Spot Market today are up 13.81% (year-to-date/YTD). Similarly, on a year-on-year basis (YOY), CPO prices have increased by 6.19%.

Meanwhile, domestically, the price of palm oil on 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 CPO export ban was implemented, the price of palm oil on the Medan spot market fell to Rp 19,419 per kg on April 27. Meanwhile, from April 28 to May 18, 2022, CPO prices on the Medan spot market fell 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 shortages and suppress soaring cooking oil prices in the domestic market. However, this ban proved ineffective in curbing high cooking oil prices domestically.

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

East Nusa Tenggara, for example, recorded the highest selling price for branded cooking oil in Indonesia, at Rp 29,250 per kg.

Other regions include parts of Lampung, where cooking oil was priced at Rp 28,850 per kg; Bengkulu, Rp 26,300 per kg; North Maluku, Rp 25,700 per kg; and 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."