Bisnis Indonesia, 19 October 2018
Indonesian Vegetable Oil Association (GIMNI) Executive Director Sahar Sinaga predicted Indonesia to export only two million tonnes of crude palm oil (CPO) per month if the government sticks to its mandatory 30% biodiesel blend (B30) policy. Indonesia is projected to export three million tonnes CPO in Q4 2018, he said on Thursday (18 October). Sahat estimated Indonesia’s palm oil production in 2019 at 52.7 million tonnes, comprising of 48.2 million tonnes CPO and 4.6 million tonnes crude palm kernel oil.
Meanwhile, Indonesian Palm Oil Producers Association (GAPKI) Trade Affairs Deputy Chair Togar Sitanggang on Thursday (18 October) estimated CPO price to reach $540 a tonne at year-end, up from $510-$520 a tonne currently. The positive outlook was attributed to higher CPO demand from India, where domestic needs for CPO is rising ahead of a Hindu religious festival in November, and the domestic implementation of the B20 policy.
Subscribe to our newsletter
Stay on top of the industry's news because your informed opinion matters to the palm oil industry.