High demand from India and China for CPO, November CPO prices also boosted

The Director General of Foreign Trade of the Ministry of Trade (Kemendag), Isy Karim, said that the increase in the price of crude palm oil (CPO) was influenced by increased demand, especially from India and China. ADVERTISEMENT "The increase in CPO was influenced by increased demand, especially from India and China. However, global production fell due to the long drought. In addition, the increase in world crude oil prices and the Malaysian Export Duty tariff which has been in effect since October 1, 2024, have also driven up the CPO reference price," said Isy in his statement in Jakarta, Friday, (1/11/2024). It is known that in November 2024, the CPO reference price was set at 961.96 US dollars per metric ton (MT). This value increased by 68.32 US dollars from the previous month of 893.64 US dollars per MT. The determination is stated in the Decree of the Minister of Trade Number 1532 of 2024 concerning the Reference Price of CPO Subject to Export Duty and Public Service Tariffs ...