Jakarta (ANTARA News) - The Indonesian government has raised the crude palm oil (CPO) benchmark export price for March 2008 shipments by US$44 from US$944 to US$988 per metric ton , a spokesman said.
Director for agriculture and forestry product export affairs at the Trade Ministry, Erfandi Thabrani, said the CPO export benchmark price was raised based on the reference price of US$1,064 per ton in Rotterdam.
US$1,064 was the average price of CPO in Rotterdam during February 2008 and taken as reference to fix the benchmark export price for March.
According to the Commodity Futures Trading Supervisory Board (BAPPEBTI), CPO prices in Rotterdam in February hovered over the US$1,000 per ton level . For example, on Feb. 1, the price was US$1,055 per ton but it rose to its highest level at US$1,250 per ton on Feb.26.
The change in the CPO export benchmark price was contained in a trade ministry decree signed by the trade minister on Feb.25, 2008.
Besides the CPO benchmark export price, the government also raised the benchmark export price of oil palm fruit and kernel from US$450 per metric ton in February to US$460 per metric ton for March.
Also increased were the benchmark export prices of crude olein from US$983 per metric ton to US$1,055 per metric ton, crude stearin from US$909 per metric ton to US$971 per metric ton and palm kernel oil, crude kernel stearin, crude kernel olein to US$1,100 per metric ton and US$1,201 per metric ton. (*)