CPO Prices Strengthen in Early 2024: What's the Future Outlook?

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Adi Ahdiat 06/03/2024 15:45 WIB

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CPO prices rose in January-February 2024. However, according to Gapki's projection, price movements throughout this year will not differ significantly from 2023.

Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2021-February 2024)*

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CPO Prices Strengthen in Early 2024: What's the Future Outlook?

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Average Monthly CPO Price at the Rotterdam Commodity Exchange (January 2021-February 2024)*

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Crude palm oil (CPO) prices strengthened at the beginning of 2024.

According to Investing.com data, the average CPO price on the Rotterdam commodity exchange reached US$1,015 per ton in February 2024.

This price increased by 2.8% compared to the previous month (month-on-month), and was 6.8% higher than a year ago (year-on-year).

Despite the price increase, the Indonesian Palm Oil Association (Gapki) believes the palm oil industry still faces many challenges this year.

"Uncertainty still overshadows global economic growth, especially in developed countries," Gapki said in a press release on Tuesday (27/2/2024).

"The world must also now face geopolitical escalation in the Red Sea due to the Israel-Palestine war, which is also expected to have a significant impact on commodity supplies, given that the Red Sea is a strategic global trade route," they said.

Amid this situation, Gapki predicts that CPO price movements in 2024 will not change much compared to 2023.

They also predict that national palm oil production this year will stagnate, export volumes will decrease, but domestic consumption will increase.

"Domestic consumption is expected to continue to increase, especially for food needs, the oleochemical industry, and energy needs with the full-year implementation of B35 biodiesel," said Gapki.

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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CPO Prices Strengthen in Early 2024: What's the Future Outlook?

CPO Prices Strengthen in Early 2024: What's the Future Outlook?

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CPO Prices Strengthen in Early 2024: What's the Future Outlook?

CPO Prices Strengthen in Early 2024: What's the Future Outlook?

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Average Length of Schooling in Cimahi City Up to Grade X in 2025

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Average Length of Schooling in Depok City Up to Class X in 2025

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