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JAKARTA: Indonesia will narrow the scope of crude palm oil (CPO) products traded on a planned exchange it hopes to launch by June, a regulator said on Thursday.

“For now only direct CPO exports will be required (to go through the exchange), as we are looking for a quick win. If we succeed, we will add CPO derivatives one by one,” Didid Noordiatmoko, head of the commodity futures regulator told reporters.

CPO accounts for around 12% of Indonesia’s total palm oil exports, industry group data showed.

The exchange will only offer spot trading in the rupiah currency and will gradually launch future contracts down the line, Didid added.

In an attempt to create its own benchmark price of the widely-used oil, Indonesia initially planned to require overseas buyers of CPO to make their purchases via the exchange, while exporters of refined products were expected to purchase their feedstock through the exchange.

Most palm oil trades in Indonesia are currently done directly between producers and buyers, and auctions held by state trading company KPB Nusantara only offer physical palm oil and not futures contracts.

The government is expected to issue a regulation regarding the bourse in late May and launch it within a month thereafter.

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