PALMOILMAGAZINE, KUALA LUMPUR – In the most recent official announcement made on Friday, October 13, 2023, the Malaysian government has forecasted that the price of crude palm oil (CPO) is expected to range from approximately RM 4,000 (equivalent to US$ 848.36) to RM 4,500 per metric ton in 2024.
This prediction, as reported by Reuters, suggests a potential increase in CPO prices compared to the range of RM 3,500 to RM 4,000 per ton projected for the current year, as per the government’s report released concurrently with the 2024 budget.
The report further indicates that palm oil production is poised to grow in the upcoming year due to the minimal impact of El Nino and improved conditions for plantation workers.
As Editorials of Palmoilmagazine.com noticed, the Government of Indonesia on Friday (13/10/2023) launched Indonesian CPO Exchange which is mandated to PT Bursa Komoditi & Derivatif Indonesia (ICDX).
Head of Commodity Futures Trading Supervisory Agency, Didid Noordiatmoko, said that there have been 18 companies that conducted CPO trade in ICDX. He also confirmed that the CPO trade in ICDX would be voluntary. (T2)