CPO price up on incresing demand
Medan, N Sumatra (ANTARA News) - The price of crude palm oil (CPO) is predicted to continue its upward trend in response to increasing demand in the world market due to declining stocks, a CPO businessman said.
"Although the price is going up it is believed that it would not reach last year`s level when it was recorded at US$1,000 per ton," Treasurer of the Indonesian Crude Palm Oil Producers Association (Gapki), Laksamana Adiyaksa, said here on Wednesday.
He said that it was predicted that the price would reach US$600 per ton at the latest while the price of CPO last year was US$1,000 per ton.
"The increase in the price of CPO this month is because stocks in Europe are declining after high consumption during the winter season at the end of 2008," Adiyaksa said.
Timbas Prasad Ginting, a palm oil businessman, said that the price of fresh fruit bunches (TBS) this week had reached Rp1,092 per kg from the earlier price of Rp1,048 per kg.
In the meantime, the price of CPO has also increased to Rp6,323 per kg.
The prices of TBS and CPO this week sharply increased if compared with those in the January 7 - 13, 2009 period which were recorded at Rp963.52 per kg and Rp5,031.42 per kg respectively.(*)
"Although the price is going up it is believed that it would not reach last year`s level when it was recorded at US$1,000 per ton," Treasurer of the Indonesian Crude Palm Oil Producers Association (Gapki), Laksamana Adiyaksa, said here on Wednesday.
He said that it was predicted that the price would reach US$600 per ton at the latest while the price of CPO last year was US$1,000 per ton.
"The increase in the price of CPO this month is because stocks in Europe are declining after high consumption during the winter season at the end of 2008," Adiyaksa said.
Timbas Prasad Ginting, a palm oil businessman, said that the price of fresh fruit bunches (TBS) this week had reached Rp1,092 per kg from the earlier price of Rp1,048 per kg.
In the meantime, the price of CPO has also increased to Rp6,323 per kg.
The prices of TBS and CPO this week sharply increased if compared with those in the January 7 - 13, 2009 period which were recorded at Rp963.52 per kg and Rp5,031.42 per kg respectively.(*)