CPO Prices Weakened at the End of the First Half of 2024

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Adi Ahdiat 04/07/2024 12:29 WIB

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Crude palm oil (CPO) prices weakened at the end of the first half of 2024, influenced by increased production that was not matched by demand.

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

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

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Crude palm oil (CPO) prices weakened at the end of the first half of 2024.

According to Investing.com data, the average monthly CPO price on the Rotterdam commodities exchange in June 2024 reached US$1,017.5/ton, down 3% month-on-month.

In line with this, the Indonesian CPO reference price in June 2024 also fell by 11.22% to US$778.82/ton.

According to the Ministry of Trade, the Indonesian CPO reference price in June 2024 decreased due to the decline in soybean oil prices, the fall in global crude oil prices, and an increase in CPO production that was not matched by an increase in demand.

However, starting at the beginning of the second half of the year, or July 2024, the Ministry of Trade raised the Indonesian CPO reference price again to US$800.75/ton.

"The increase in the CPO reference price is influenced by the increase in soybean oil and global crude oil prices, as well as increased demand, particularly from India and China, which is not offset by increased production," said the Ministry of Trade in a press release on Saturday, June 29, 2024.

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."