Indonesia Cuts February Palm Oil Benchmark Price by More Than $100
Indonesia is cutting its benchmark crude palm oil (CPO) price to $955.44 per tonne in February from $1,059.54 per tonne in January, the country’s trade ministry said.
With the move, the CPO export duty this month will be $124 per tonne. Indonesia also charges a 7.5% duty on CPO exports, which will be increased in February.
Palm oil prices were reported to be falling due to weak demand. Indonesia exported 23.9 million tonnes of palm oil for the year, down 8.9% from 2023. Oil supplies to China, a key market for Indonesian exporters, fell 28.1% to 3.86 million tonnes. India’s palm oil imports also declined.
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