Indonesia raises reference price for crude palm oil
According to a decree from Indonesia’s Ministry of Trade published on Tuesday, the reference price for crude palm oil (CPO) for October has been set at $963.61 per ton, an increase of $8.90 from September’s price of $954.71 per ton, as reported by Reuters.
This rise in the base price means that the export duty on crude palm oil for October will remain unchanged from the previous month at $124 per ton. Additionally, Indonesia imposes a separate 10% export levy on crude palm oil as part of its strategy to regulate exports.
These measures aim to support the domestic market and stabilize prices for palm oil, a key product for Indonesia as the world’s largest producer. The price increase could influence global edible oil markets, given Indonesia’s significant share in supply.
Experts note that the higher reference price may encourage production, but its impact will depend on global demand and weather conditions in key Indonesian regions. Further price adjustments are expected to be announced by the end of October.
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