Global CPO Price Rises in February 2019

Global Crude Palm Oil (CPO) price are showing signs of strength as the monthly price rose 5% at average on the second month of 2019. At the same time, Indonesia posted lower exports of CPO except to the European Union. On a press release (2/4/2019), the Indonesian Palm Oil Association (Gapki) released data showing that global CPO price rose to US$ 556.50 on February 2019 from US$ 530.70 per metric ton on January 2019. The price moved around US$ 542.50–US$ 572.50 per metric ton as CPO stock from Indonesia and Malaysia as well as other vegetable oils declined. Meanwhile, the export of CPO and its derivative products, including oleochemical and biodiesel, dropped 11% to 2.88 million tons in February from 3.25 million tons in January. It was merely because of February is shorter than the previous month. At the same time, export volume of CPO, PKO and derivatives (excluded oleochemical and biodiesel) dropped 11% from 3.1 million tons in January to 2.77 million tons in February. CPO shipment only was recorded at 852.30 thousand tons and the rest were derivative products. CPO and its derivatives shipment to the United States dropped 48%, to Pakistan 41%, China 22%, Africa 16% and to India dropped 14,5%. On the contrary, CPO shipment to the European Union rose 27% and 8% to Bangladesh. ***