El Nino Sparks CPO Price Rebound

Amidst several factors such as El Nino and legal cases in Indonesia, the contract price of palm oil on the Malaysia Exchange has surged above 3,700 ringgit per ton, marking its highest level in over a month.

M. Taufikul Basari & Ni Luh Anggela

20 Jun 2023 - 18.18
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 El Nino Sparks CPO Price Rebound

A worker shows oil palm kernels during the main harvest. Bisnis/Arief Hermawan P

Bisnis, JAKARTA — Amidst several factors such as El Nino and legal cases in Indonesia, the contract price of palm oil on the Malaysia Exchange has surged above 3,700 ringgit per ton, marking its highest level in over a month.

Three major corporations, namely Wilmar, Permata Hijau Group, and Musim Mas, have been named as suspects in a corruption investigation involving crude palm oil (CPO) export permits by the Attorney General's Office. Indonesia, which contributes 60% of the global palm oil supply, is facing tightening export measures and temporary bans on shipments to ensure sufficient domestic supplies amid soaring local cooking oil prices.

Furthermore, the demand for palm oil as a raw material for biodiesel production may increase due to uncertain conditions in ethanol production in the United States.

Dry weather conditions are affecting soybean and corn oil yields, while the country's Environmental Protection Agency has postponed the announcement of biofuel blending volume mandates for 2023-2025.

Cek Berita dan Artikel yang lain di Google News dan WA Channel
Editor: Aprilian Hermawan
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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.