Pekanbaru, Riau (Antarariau.com) - The price of crude palm oil set for 30 August - 5 September 2017 in Riau has increased to follow growing demand in the world market.
The soybean oil price hike pushed up demand for CPO in the world market especially for CPO of 10-20 years old oil palm trees.
"Many market players choose to buy palm oil with the soybean oil price hike in the world market," head of the provincial Food Crop and Plantation Service Ferry HC Ernaputra said here on Tuesday.
Demand is growing for CPO especially from China and India, which are the world s largest consumers of vegetable oils, Ferry said.
"In the period of 2-15 August, 2017, the CPO price in Riau continued to rise benefiting the farmers," he said.
The increase in CPO price would result in higher selling price of oil palm fresh fruit bunches by farmers to processing factories.
Generally farmers sell fresh fruit bunches of the crop to CPO processing factories .
Indonesia is the world s largest producer and exporter of CPO to the world market.
CPO Price Rises Boosted By Growing Demand In World Market
