Legitimate! Indonesia Officially Has Its Own CPO Exchange

Minister of Trade Zulkifli Hasan (center). (Photo: Mery Handayani/VOI)

JAKARTA - Indonesia has officially launched a crude palm oil (CPO) exchange.

The presence of this CPO stock exchange does not only depend on the reference prices from Malaysia and the Netherlands, Rotterdam.

"Bismillahirrohmanirrohim, by begging for pleasure from Allah subahahu wa ta'ala Tuhan yang kuasa, bursa CPO saya inaugurkan," ujar Menteri Perdagangan Zulkifli Hasan dalam acara pemerangan Bursa CPO, di Hotel Mulia, Jakarta, Jumat, 13 Oktober.

Zulhas, Zulkifli Hasan's nickname, said that the formation of the CPO exchange was because so far Indonesia has always referred to other countries.

For this reason, he continued, the government took the initiative to form a futures exchange so that the price would be transparent.

Furthermore, Zulhas said the exchange would record domestic CPO buying and selling transactions, and display real-time CPO price movements.

"The Ministry of Trade took the initiative to improve CPO trading on the futures exchange. The goal is the establishment of transparent, fair, and accountable CPO prices," said Zulhas.

Meanwhile, Head of the Commodity Futures Trading Supervisory Agency (CoFTRA) Didodiatmoko said his party had appointed a company that would be the organizer of the CPO futures exchange, namely PT Bursa Komoditas san Derivative Indonesia (ICDX).

"We are often referred to as ICDX through a decision on October 9. There are 18 CPO business actors who are ready to trade on the ICDX exchange," he said.