Indonesian government set a reference price for crude palm oil (CPO) products for August delivery at US$532.30 per metric ton (MT), the trade ministry reported on Tuesday (July 30). The reference price weakened by 1.87% from July of US$542.45/MT. “At present CPO reference price remains below the level of US$750/MT. For this reason, the government imposes a CPO export levy zero for the period of August 2019,” said Director General of Foreign Trade of Trade Ministry, Oke Nurwan in an official statement.

While, the reference price of cocoa beans in August is set at US$2,469.64/MT, or up 0.59% from the previous month, which was US$2,454.93 a MT. He added, the cocoa beans price has an impact on increasing export reference price in August 2019 to US$2,183/MT, up 0.64% from the previous period which was US$2,169/MT. Increased reference prices and benchmark prices Cocoa bean exports are due to stronger international prices. But, Nurwan assured that the rising price did not have an impact on the external duty of cocoa beans which remained at 5%.