Crude Palm Oil (CPO) Prices on the Rotterdam Commodity Exchange Rise to US$1,170 per Metric Ton (Sunday, November 6, 2022)

The price of CPO on the Rotterdam commodity exchange this morning until 09.10 WIB (Western Indonesian Time) is at US$ 1,170 per metric ton, data as of Sunday, November 6, 2022. The CPO price on the Rotterdam commodity exchange increased by 0.86% compared to the previous day's closing price of US$ 1,160 per metric ton. The CPO price on the Rotterdam commodity exchange is expected to be in the range of US$ 1,170 - 1,175 per metric ton today.

According to investing.com, the CPO price on the Rotterdam commodity exchange has increased by 8.84% in a week. Compared to 30 days prior, the CPO price on the Rotterdam commodity exchange has increased by 32.95%.

The increase in CPO prices is also influenced by rising demand. The Indonesian Palm Oil Entrepreneurs Association (Gapki) notes that domestic palm oil consumption continues to increase from 11.05 million tons to 16.73 million tons in 2019 and 18.42 million tons in 2021.

Gapki predicts that domestic consumption for food in 2022 will increase by 9.6 million tons, and absorption for biodiesel will heavily depend on the mandatory biodiesel policy, potentially reaching 8.83 million tons in 2022.

However, for the one-year data range, CPO on the Rotterdam commodity exchange has actually decreased. The previous highest record reached US$ 2,010 per metric ton.

For the period January-November 2022, the CPO price on the Rotterdam commodity exchange showed a downward trend, moving -11.36% compared to the beginning of the year, which was at US$ 1,320 per metric ton.