CPO Prices Strengthen Throughout Q1 2024

Market

Premium

Adi Ahdiat 05/04/2024 10:20 WIB

URL has been copied

Memuat...

Crude Palm Oil (CPO) prices strengthened throughout the first quarter of 2024. However, Gapki assesses that CPO prices this year will not differ significantly from 2023.

Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2019-March 2024)*

A Small Font
A Medium Font
A Bigger Font

You are accessing content Single Data Premium.
To continue, please subscribe or buy individually.

Professional

Enjoy premium access with a more affordable price.

Start from

~~Rp300.000~~ 150.000/month

Access more premium content and exclusive features for customers.

Start from

50.000/month

Hanya Rp833 per artikel

More details »

Buy Retail

Read the article immediately “CPO Prices Strengthen Throughout Q1 2024”.

Rp10.000

We accept the following payments:

Some payment methods are still in the process of being activated.

Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2019-March 2024)*

Download

Source

A Small Font
A Medium Font
A Bigger Font

Crude palm oil (CPO) prices strengthened throughout the first quarter of 2024.

According to Investing.com data, the monthly average CPO price on the Rotterdam commodities exchange reached US$1,105 per ton by March 2024.

This price is up 8.9% month-on-month and 7.8% year-on-year.

Despite the price increase, the Indonesian Palm Oil Association (Gapki) believes the Indonesian palm oil industry will face challenges throughout the year.

"China, one of the largest consumers of palm oil, is still grappling with economic weakness post-Covid-19, as is Europe, where the economy is weakening with an increasing fiscal deficit accompanied by high inflation," Gapki stated in a press release on Tuesday (February 27, 2024).

"Now the world must face geopolitical escalation in the Red Sea due to the Israel-Palestine war, which is also expected to have a significant impact on commodity supplies, given that the Red Sea is a strategic global trade route," it continued.

Amid this situation, Gapki predicts that CPO price movements in 2024 will not change significantly compared to 2023.

They also predict that national palm oil production this year will stagnate, export volumes will decrease, but domestic consumption will increase.

"Domestic consumption is expected to continue to increase, especially for food, oleochemical, and energy needs with the full-year implementation of B35 biodiesel," said Gapki.

Editor : Adi Ahdiat

"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."