PalmOil Magz, JAKARTA – After President Joko Widodo banned crude palm oil (CPO) and its derivative export in the late of April, palm cooking oil is available and easily got in many markets in Indonesia though the packaged one is still expensive. The people are not difficult to buy it and the bulk one is enough in the society.
CPO and palm cooking oil still refers to the commodity price globally. According to Malaysia, CPO stocks by the late April 2022 reached 1,66 million tons. This was the highest record since October 2021.
Malaysia’s CPO production increased 5% in April to be 1,58 million tons while the export decreased 13% to be 1,10 million tons. The high stock of CPO and the decreasing export globally do not cause CPO cheaper in the globe. As quoted from Bloomberg, though Malaysia’s CPO gets increasing, the latest CPO reference last week reached RM 7.104/ton or about US$ 1.643/ton.
The second day after Lebaran, CPO price for July 2022 delivery got cheaper to be RM 6.512/ton in the morning day. It continued to decrease at RM 6.482/ton, according to tradingeconomics, though it was still expensive about 48% if compared to average price last year.
CPO price at Malaysia Exchange hit the record on 29 April which reached RM 7.104/ton after President Joko Widodo banned CPO and its derivative exports (28/4).
But CPO price gets decreasing after CPO trade ran again after Lebaran. On 6 May 2022, it was RM 6.400/ton or US$ 1.460/ton within US dollar currency at US$ 0,23/RM. (T1)