Crude Palm Oil (CPO) Prices on the Rotterdam Commodity Exchange Rise to US$960 per Metric Ton (Thursday, March 16, 2023)

The price of CPO on the Rotterdam commodity exchange this morning, until 09.09 WIB (Western Indonesian Time), is US$960 per metric ton, as of Thursday, March 16, 2023. This is a 1.05% increase compared to the previous day's closing price of US$950 per metric ton. Today's CPO trading on the Rotterdam commodity exchange is expected to range from US$960 to US$1,075 per metric ton.

According to investing.com, the price of CPO on the Rotterdam commodity exchange has fallen by 9.43% in the past week. However, compared to the previous 30 days, the price has increased by 0.52%.

The increase in CPO prices is also influenced by rising demand. The Indonesian Palm Oil Producers Association (Gapki) notes that domestic palm oil consumption has steadily increased from 11.05 million tons in 2019 to 16.73 million tons in 2021 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, over the past year, CPO prices on the Rotterdam commodity exchange have actually decreased. The previous record high reached US$1,950 per metric ton.

The lowest price of CPO on the Rotterdam commodity exchange this year was US$940 per metric ton on Tuesday, March 7, 2023. The highest price this year reached approximately US$1,065 per metric ton.