Indonesia to Launch CPO Benchmark Price in June 2023
The Ministry of Trade plans to set benchmark prices for crude palm oil (CPO) through a commodity exchange run by Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti). Trade Minister Zulkifli Hasan expects to start the CPO price benchmark by June 2023, ending Indonesia’s reference to the Malaysian commodity exchange.
According to Zulkifli, President Joko Widodo always mentions the importance of the CPO benchmark price so that Indonesia does not depend on Malaysia. Therefore, Bappebti must set a benchmark for commodity prices on the Indonesian futures exchange. "How come we are benchmarking to the neighboring, though we have the largest production? What have Bappebti been doing?" Zulkifli said on Thursday.