The increase in average CIF Rotterdam reference price of palm kernel in Indonesia

Entering the halfway point of January 2021, the average CIF Rotterdam reference price of palm kernel oil has been reported to be at USD 1400/MT, up from its highest recorded price last month at USD 1300/MT or around a 7.7% increase. Aside from the growing demand and the rising price of crude palm oil (CPO), this price was also attributed to the rising price of freight forwarding as the export traffic, in general, has been high in the past month. Some manufacturers expect that the price can go up once again before the end of the month as there is no indication that the freight cost would go down anytime soon.