ICDX pushing for domestic standard on palm oil prices (Jakarta Globe) In an attempt to establish its price for CPO futures contracts as the local benchmark instead of relying on the Dutch standard, the Indonesia Commodity & Derivatives Exchange has recently asked the govt to adopt its price for use in tax calculations. The ICDX aspires to become the local standard for CPO and gain more control over trade of the commodity, but most Indonesian producers prefer to trade in Kuala Lumpur. In addition, the govt forecasts domestic CPO production to rise to 23m tons this year from 21.24m tons.
Indonesia to double CPO export tax (Jakarta Globe) Indonesia will double the CPO export tax to 6% in September and increase the export base price US$804/ metric ton from US$725 in August, The trade Ministry said in a statement.
Govt forecasts rice surplus (Jakarta Globe) The govt expects Indonesia to have a rice surplus of 5m tons by the end of this year due to additional planting on 1m hectares scheduled before the end of next month, Agriculture Minister Suswono said on Friday.
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