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CPO Price Rises to US$ 724.9 as Domestic Stock Dwindles

Translator

Editor

12 November 2017 10:06 WIB

A worker is sorting out palm oil to be shipped to a CPO factory in Cigudeg, Bogor. TEMPO/Arie Basuki

TEMPO.CO, Jakarta - Indonesian Palm Oil Producers Association (Gapki) Secretary General Togar Sitanggang stated that the dwindling domestic stock of palm oil (CPOindirectly caused an increase in the global price of the commodity.

In September, the daily price of CPO globally ranged from US$ 687.5 – US$ 760 per metric ton with the average price US$ 724.9 per metric ton.

"The average price increased 7 percent compared to that of the previous month US$ 676 per metric ton,” Togar said on Saturday (11/11).

Meanwhile, Indonesian palm oil production (CPO and PKO) reached 4 million tons across September 2017. Such a figure is the highest production rate in 2017 and the increase in production is a cycle of annual harvest.

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