Crude Palm Oil (CPO) Prices on the Rotterdam Commodity Exchange Rise to US$1,000 per Metric Ton (Thursday, December 15, 2022)

The price of CPO on the Rotterdam commodity exchange this morning, until 09.09 WIB (Western Indonesian Time), reached US$1,000 per metric ton as of Thursday, December 15, 2022. This is a 3.63% increase compared to the previous day's closing price of US$965 per metric ton. Today's CPO trading on the Rotterdam commodity exchange is expected to range between US$1,000 and US$1,010 per metric ton.

According to investing.com, the price of CPO on the Rotterdam commodity exchange has fallen by 6.54% in the past week. Compared to 30 days ago, the price is still down by -15.25%.

The increase in CPO prices is also influenced by rising demand. The Indonesian Palm Oil Entrepreneurs 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$2,010 per metric ton.

From January to December 2022, CPO prices on the Rotterdam commodity exchange showed a downward trend, falling by -24.24% compared to the beginning of the year, which stood at US$1,320 per metric ton.