JAKARTA : Indonesia, the world's biggest palm oil exporter, plans to require palm oil exports to go through a futures exchange in order to create the country's own benchmark price, the head of its commodity futures regulator said on Thursday.Authorities are developing a trading scheme for crude palm oil w
JAKARTA : Indonesia, the world's biggest palm oil exporter, plans to require palm oil exports to go through a futures exchange in order to create the country's own benchmark price, the head of its commodity futures regulator said on Thursday.
Authorities are developing a trading scheme for crude palm oil which aims to launch in June, said Didid Noordiatmoko, head of the regulator, BAPPEBTI. "The big strategy is how to require CPO exports to be done through a futures exchange," he told an industry forum. Most Indonesian palm oil exporters currently conduct sales directly with buyers without going through an exchange, while auctions held by state trading company KPB Nusantara only offer physical palm oil and not futures contracts.
Details of the policy were still being discussed, Didid said, adding that the price discovery is expected within one or two months after exporters started trading through an exchange.
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