Crude Palm Oil (CPO) Prices on the Rotterdam Commodity Exchange Rise to US$1,035 per Metric Ton (Sunday, April 9, 2023)

The price of CPO on the Rotterdam commodity exchange this morning, until 09.09 WIB (Western Indonesian Time), is US$1,035 per metric ton, data as of Sunday, April 9, 2023. This is a 0.49% increase compared to the previous day's closing price of US$1,030 per metric ton. The CPO price on the Rotterdam commodity exchange is expected to range between US$1,035 and US$1,050 per metric ton today.

According to investing.com, the price of CPO on the Rotterdam commodity exchange has increased by 0.98% in the past week. However, compared to the previous 30 days, the price is still lower by -1.43%.

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 increased 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 highest record reached US$1,912.5 per metric ton.

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