Export Tap Opened, Medan Spot Market CPO Price Rises 7.92%

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Viva Budy Kusnandar 31/05/2022 15:50 WIB

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The Medan spot market CPO price increased by Rp1,954.7 per kg (7.92%), reaching Rp26,040.07 per kilogram during the period of May 20-30, 2022.

Crude Palm Oil (CPO) Price Movement in the Medan Spot Market (April 28 – May 30, 2022)

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Crude Palm Oil (CPO) Price Movement in the Medan Spot Market (April 28 – May 30, 2022)

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Crude Palm Oil (CPO) prices on the Medan spot market rose after the resumption of cooking oil and CPO exports.

Previously, the government banned the export of cooking oil and CPO on April 28, 2022. This ban caused CPO prices on the Medan spot market to fall by Rp5,334.04 per kg or 18.13% to its lowest point of Rp24,085.37 per kg on May 20, 2022.

The government then reopened exports on May 23, 2022, and CPO prices began to show an upward trend.

Based on data from the Commodity Futures Trading Supervisory Agency (Bappebti), the CPO price on the Medan spot market closed at Rp26,040.07 per kg on May 30, 2022.

This price is up Rp1,954.7 per kg (7.92%) compared to the position on May 20, 2022, when the government was still imposing a CPO export ban.

Compared to the position on December 31, 2021, the CPO price on the Medan Spot Market on May 30, 2022, had increased by Rp5,988.55 per kg or 29.87% (year-to-date/YTD).

Compared to the price on May 30, 2021, the CPO price had increased by Rp9,112.16 per kg or 53.83% (year-on-year/YOY).

The easing of the impact of the Covid-19 pandemic and the growth of the global economy increased commodity demand throughout last year. As a result, CPO prices on the Medan Spot Market increased by Rp5,623.29 per kg or 38.97% throughout 2021.

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."