Indonesia's ICDX seeks to double palm oil futures trading volume

In Indonesia, the Indonesia Commodity & Derivative Exchange (ICDX) wants to more than double its palm oil futures trading volume to more than 5,000 lots per day in order to establish itself as the benchmark for price discovery, rather than Malaysian and Rotterdam prices currently used by traders. But in August, a regulatory official said Indonesia’s trade ministry may use a new palm oil futures contract as one of the benchmarks to calculate the monthly export tax applied on the commodity which could help boost the contract’s liquidity.

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