The crude palm oil (CPO) reference price for export duty rose 5.54 percent to US656.98 per MT from prior month at $622.47 a MT for August 2020, said the trade ministry today (07/30) - Photo: Special

JAKARTA (TheInsiderStories) – Benchmark price of the crude palm oil (CPO) for export duty rises 5.54 percent to US656.98 per MT from prior month at $622.47 a MT for August 2020, said the trade ministry today (07/30). Whilr, prices of some mining products showed a positive trend amid the pandemic.

“The reference price is below the $750 per MT. For this reason, the government imposes an export levy zero a MT for the period August 2020, “said acting director general at trade ministry, Srie Agustina in an official statement.

While, the reference price of cocoa beans in August 2020 was $2,196.66 per MT, down 7.28 percent from previous month $2,369.22 a MT due to the weakening of international prices. This resulted in a decrease in the retail price of cocoa beans in August 2020 lowered 8.1 percent from  $2,085 a MT to $1,917 per MT.

The decrease has no effect on the export duty of cocoa beans, which remain 5 percent. As for wood products and leather products there was no change from the previous month period.

Mining Products

According to Agustina, some mining products have begun to rise and the international market has begun to open up, and there is an increase in demand for some the commodities. Compared to July, the mining products that experienced an average price increase in the August 2020 period were copper concentrate with an average price of $2,653.5/WE or an increase of 7.60 percent.

Then, iron concentrate with an average price of $89.64/WE or jumped 4.88 percent, laterite iron concentrate with an average price of $45.80/WE or up 4.88 percent, lead concentrate with an average price of $737.82/WE or rises 5.63 percent, and zinc concentrate with an average price of $497.57/WE or increase 4.59 percent.

In addition, iron sand concentrate with an average price of $53.52/WE or up 4.88 percent, ilmenite concentrate with an average price amounted to $264.26/WE or an jumped 1.28 percent, and washed bauxite with an average price of $21.68/WE or an rises 4.71 percent.

Meanwhile, products that experienced a decline compared to the previous period’ were manganese concentrate with an average price of $270.13/WE or down by 7.28 percent and rutile concentrate with an average price of $886.35/WE or dropped by 3.27 percent. Then, pellets of iron sand concentrate with an average price stayed at $117.98/WE.

Written by Editorial Staff, Email: theinsiderstories@gmail.com