Global Demand Weakens, CPO Prices Fall in October 2023

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Adi Ahdiat 08/11/2023 12:18 WIB

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Crude Palm Oil (CPO) prices have fallen from September to October 2023, driven by weak global demand.

Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2021-October 2023)*

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Global Demand Weakens, CPO Prices Fall in October 2023

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Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2021-October 2023)*

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Crude palm oil (CPO) prices weakened from September to October 2023.

According to Investing.com data, the average CPO price on the Rotterdam commodity exchange in October 2023 reached US$865 per ton, down 7.98% month-on-month (MoM) and 22.77% year-on-year (YoY).

According to the Food and Agriculture Organization (FAO), palm oil prices have fallen due to weak demand.

"International palm oil prices continued to decline in October, mainly due to increased seasonal production in major producing countries, and prolonged weak global import demand," said the FAO in its Food Price Index report in early November 2023.

In its October 2023 Commodity Markets Outlook, the World Bank predicts the average palm oil price for 2023 will reach US$920 per ton, 28% lower than the previous year's average (YoY) of US$1,276 per ton.

The World Bank also projects that the average palm oil price will further weaken by 2% (YoY) in 2024 and fall another 6% (YoY) in 2025.

Despite the projected decline in global demand, the World Bank predicts that palm oil consumption for biodiesel production will increase in several countries.

"Demand for palm oil for biodiesel will increase in the two largest palm oil producing countries, Indonesia and Malaysia," said the World Bank in its October 2023 Commodity Markets Outlook.

"Indonesia increased its biodiesel mandate from 30 percent to 35 percent this year, while the biodiesel mandate in Malaysia is 20 percent," it continued.

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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Global Demand Weakens, CPO Prices Fall in October 2023

Global Demand Weakens, CPO Prices Fall in October 2023

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Global Demand Weakens, CPO Prices Fall in October 2023

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