CPO Exchange Trading Starts Today, Purchase Transaction Reaches 100 Tons

Head of CoFTRA Didid Noordiatmoko (Photo: Mery Handayani/VOI)

JAKARTA - Trading in the futures of palm oil (CPO) by the Indonesian Commodity and Derivative Exchange (ICDX) has officially started today. In the first session of trading, it was recorded that the purchase transaction was around CPO 100 tons.

Head of the Commodity Futures Trading Supervisory Agency (CoFTRA) Didodiatmoko said there were three trading sessions that would later set up a CPO cover price today. After the first session this morning at 10.00 WIB to 11.00 WIB, then continued the second session at 16.00 WIB to 17.00 WIB.

While the third session will take place from 20.00 WIB to 21.00 WIB. In the third session, which will form a CPO price today which will be released on Monday, October 22.

"Sesi satu kontrak petama, transaksinya hanya empat lot, kira-kira 100 ton. Okalah, kata kami masih ok itu," kata Didid dalam Live Transaksi Perdagangan CPO melalui Bursa Berjangka, di kantor ICDX, Jakarta, Jumat, 20 Oktober.

Didid said that when the initial trade opened the price of CPO at Rp12,485 per kilogram (kg). When the auction process in the stock exchange system takes place, the CPO price purchased by the buyer is Rp11,305 per kg.

That's a fair price. That's the first session, the first contract. Yes, just like that, the name is new, don't ask to run first," he said.

Meanwhile, the Director of PT Indonesia Commodity Derivatives Exchange (ICDX), Yugieandy Tirta Saputra, said that after the price was formed that could be purchased by business actors, it would then be included in the track allocation process. Where buyers and traders know the name of the company.

Then, continued Yugie, after both parties find out each other's identities, the buyer can pay through the kriling institution. After the guarantee money goes to the account of the clearing institution, the clearing agency will notify the seller to send palm oil to the seller.

"Once the goods have been sent, the cofirm buyer is proven as proof of the Handover Event, then the clearing will hand over the money to the seller," he said.