The CPOTR price movements increased within a week to IDR 12,500/Kg, triggered by a decrease in Malaysian palm oil supplies and expectations of increasing CPO demand for the use of sustainable biofuels.
The decline in ICDX gold prices to $2,017.75 per Troy Ounce compared to the previous week was influenced by hotter-than-expected US inflation data, along with disappointing US Retail Sales data for January. These factors led market participants to lower their expectations for an early Federal Reserve interest rate cut.
ICDX tin prices weakened -2.48% compared to the previous week due to signals that China's economy is slowing down and triggering concerns will have an impact on global economic recovery as well as affect demand for tin and make tin's performance weaken.
Oil prices throughout the week ending February 2 closed bearish or fell by 6 percent, one of the main triggers was the negative signals ahead of the regular OPEC+ meeting on February 1 which led to a split within the alliance. Apart from that, the results of the OPEC+ meeting did not decide on new production figures, but preferred to wait until next March regarding changes of the current production policy.
CPOTR price movements increased within a week to IDR 13,055/Kg, triggered by increasing demand for biodiesel and India's move to extend import duties on vegetable oils at low rates until 2025.
ICDX gold prices weakened at 1.19% compared to the previous week with the focus on strong Chinese economic data while the market was also waiting for a decision on interest rates, whether the Fed maintained interest rates or started lowering interest rates.
Indonesia merupakan negara produsen minyak kelapa sawit (Crude Palm Oil/CPO) terbesar di dunia. Hal ini membuat kelapa sawit menjadi salah satu komoditas perkebunan yang memiliki peran strategis dalam pembangunan ekonomi Indonesia. Bagaimana potensi kelapa sawit Indonesia? Dan bagaimana upaya yang perlu dilakukan untuk terus mengembangkan industri kelapa sawit nasional? Simak ulasan lengkapnya dalam The Source Issue 28.
ICDX tin prices weakened 0.40% compared to the previous week due to the release of mixed data from weakening China as the world's largest tin consumer.