Medan Spot Market CPO Price Up 20% (YTD) as of May 18, 2022

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Viva Budy Kusnandar 19/05/2022 12:00 WIB

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The Medan spot market CPO price closed down 1.34% to Rp26,453.87 per kg on Wednesday, May 18, 2022.

Crude Palm Oil (CPO) Prices in the Medan Spot Market (May 18, 2021 - May 18, 2022)

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Medan Spot Market CPO Price Up 20% (YTD) as of May 18, 2022

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Crude Palm Oil (CPO) Prices in the Medan Spot Market (May 18, 2021 - May 18, 2022)

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Based on data from the Commodity Futures Trading Supervisory Agency (Bappebti), the price of Crude Palm Oil (CPO) on the Medan Spot Market closed down 1.34% to Rp26,453.87 per kilogram (kg) on Wednesday, May 18, 2022, from the previous day's closing.

However, compared to the position on December 31, 2021, the CPO price in the Medan Spot Market increased by 20.19% (year to date/ytd).

Similarly, compared to the position on May 18, 2021, the CPO price also surged by 56.67% (year on year/yoy).

The CPO price reached its highest level of Rp30,632 per kg on March 10, 2022, in line with the increase in global demand after recovering from the Covid-19 pandemic.

However, the day before the CPO export ban was implemented, the palm oil price on the Medan spot market fell to Rp19,419 per kg on April 27, 2022.

Meanwhile, during the period from April 28 to May 18, 2022, the CPO price on the Medan spot market fell by 10.08% to Rp26,453.87 per kg, from Rp29,419.41 per kg previously.

As is known, starting April 28, 2022, the government banned the export of cooking oil and its raw materials. This policy was taken to overcome the scarcity and suppress the price of cooking oil in the domestic market.

However, the ban has not been effective. In eastern Indonesia, the price of bulk cooking oil remains expensive.

Based on data from the National Strategic Food Price Information Center (PIHPS), bulk cooking oil in Gorontalo is sold at Rp24,650 per kg.

Similarly, in North Maluku, bulk cooking oil is sold at Rp27,250 per kg, and in Papua at Rp29,250 per kg.

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."

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Medan Spot Market CPO Price Up 20% (YTD) as of May 18, 2022

Medan Spot Market CPO Price Up 20% (YTD) as of May 18, 2022

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Medan Spot Market CPO Price Up 20% (YTD) as of May 18, 2022

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