# Palm bounces back on Indonesia’s October reference price hike - Markets - Business Recorder

> Malaysian palm oil futures closed higher on Oct 1, 2024, after two sessions of declines, as Indonesia planned to raise its October crude palm oil reference price by $54 to $893.64 a ton. The new price sets October export tax at $74 a ton.

- Date: 2024-10-01 · published 2024-10-01T12:00:00.000Z
- Category: policy · region Indonesia · magnitude medium
- Page: https://feedsoft.ai/events/7238-palm-bounces-back-on-indonesia-s-october-reference-price-hike-markets-business
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A higher Indonesian reference price raises export tax and narrows the Indonesian palm discount, which tightens export competitiveness and supports Bursa palm prices.

## Read by commodity

- SBO: neutral
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| PALMOIL | 2024-10-01 | 1 | +3.9% | 4.4 | On Oct 1 palm futures rebounded after Indonesia announced a higher October CPO reference price of $893.64/t, a signal of firm prices that reflects tight supply; this directly coincides with the move date. |
| PALMOIL | 2024-10-04 | 5 | +9.1% | 4.5 | Oct 1 rebound after Indonesia raised its October CPO reference price, which signals higher export costs and supports prices. |
| PALMOIL | 2024-10-07 | 5 | +9.3% | 4.1 | Indonesia's planned higher October reference price and export tax at the start of the window lifted palm after two down sessions, signaling firmer export costs and tighter export supply. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.4% | +1.9% |
| PALMOIL | 2025-09-19 | [Malaysia raises October palm oil reference price, keeps export duty at 10% - Markets - Business Recorder](https://feedsoft.ai/events/15535-malaysia-raises-october-palm-oil-reference-price-keeps-export-duty-at-10.md) | -0.3% | +0.9% |
| PALMOIL | 2022-12-19 | [Palm oil firms on higher crude prices, Indonesia’s plan to raise biofuel mandate - Markets - Business Recorder](https://feedsoft.ai/events/38333-palm-oil-firms-on-higher-crude-prices-indonesia-s-plan-to-raise-biofuel-mandate.md) | -0.6% | +1.5% |
| PALMOIL | 2023-06-30 | [Palm rises on higher Indonesian export levy, weak ringgit - Markets - Business Recorder](https://feedsoft.ai/events/6549-palm-rises-on-higher-indonesian-export-levy-weak-ringgit-markets-business.md) | +8.5% | +13.1% |
| PALMOIL | 2024-08-26 | [Palm oil climbs to one-month high on Indonesia’s tax, biodiesel plans - Markets - Business Recorder](https://feedsoft.ai/events/15630-palm-oil-climbs-to-one-month-high-on-indonesia-s-tax-biodiesel-plans-markets.md) | +0.7% | +6.8% |
| SBO | 2021-08-27 | [Indonesia Sept crude palm oil export reference price, export tax set higher - Markets - Business Recorder](https://feedsoft.ai/events/45440-indonesia-sept-crude-palm-oil-export-reference-price-export-tax-set-higher.md) | -1.8% | -4.6% |
| SBO | 2022-06-29 | [Palm falls on likely higher output, lower demand - Markets - Business Recorder](https://feedsoft.ai/events/6219-palm-falls-on-likely-higher-output-lower-demand-markets-business-recorder.md) | -10.6% | -14.3% |
| SBO | 2025-09-30 | [Palm Oil Magazine - Indonesia's CPO Reference Price for October 2025 Increases, Government Sets Export Levy at US$ 124/MT and Export Duty 10% - Palm Oil Magazine](https://feedsoft.ai/events/15528-palm-oil-magazine-indonesia-s-cpo-reference-price-for-october-2025-increases.md) | +2.2% | +2.9% |

## Sources

- brecorder.com: https://www.brecorder.com/news/40324952

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.