Hike of 6.2% in Dec’s ICP
Dec’s trade balance edged down along with hikes in a number of commodities. Crude oil posted the highest hike among the rest; Indonesia’s crude oil average selling prices evidenced the hike (i.e. Dec’s price of USD67.2 per barrel vs. Nov’s price of USD63.3 per barrel). Although the 2019 hiking oil prices were not as high as 2018’s hike, it as what economist estimated was fueled by escalating geopolitical tensions between the US and Iran.
Surge of 11.1% in CPO Prices
Likewise oil & gas prices, prices of CPO surged by 11.1% in December higher than Nov. price. Prices of crude palm oil futures in Bursa Malaysia Derivatives Exchange rallied since October 2019 showing a 36.8% hike in 2019 and a 21.6% increase to date. Jitters of CPO’s declining stockpiles send CPO’s prices to surge. Monsoons in Southeast Asia to cause haze contributed to immature growth of palm oil fruits, resulting in declining productivity as well as smaller quantity usage of fertilizer.
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