Jakarta. Indonesia Commodity and Derivatives Exchange (ICDX) recently secured an award at the 2025 Sawit Indonesia Expo in Pekanbaru.

ICDX runs the country's bourse for crude palm oil (CPO). According to a press release, the freshly earned award aims to recognize ICDX for its efforts in consistently maintaining the price of CPO and fresh fruit bunches. This has provided a huge boon for Indonesian palm oil producers and farmers.

The award also recognizes ICDX' commitment to becoming a credible and transparent bourse. The ceremony also applauded ICDX for supporting Indonesia's dream of setting the price for global CPO prices.

ICDX' director Nursalam said that ICDX would keep on developing its services to all stakeholders in the Indonesian CPO trading ecosystem. This will support the creation of an independent and transparent market.

"We are optimistic that Indonesia will become a trading center and a global CPO reference price in the future. But everyone must work together. As one of the world's largest CPO producers, Indonesia deserves its own reference price. We can only achieve this if all stakeholders share the same passion and vision," Nursalam said.

ICDX officially got the government's permission to run the CPO exchange in October 2023. 

To date, it has 58 members and 19 port locations for physical CPO market transactions.

According to the US government data, Indonesia's palm oil production totaled 46.5 million metric tons. This represents 58 percent of the global palm oil production.

The CPO exchange can create a transparent, fair, cost-effective, and orderly CPO market, enabling accountable and credible price discovery and ultimately establishing a price reference, according to ICDX. Indonesia can also use this reference price for a wide range of uses, including determining the export benchmark price needed for export duty and levy rates. It can also help Indonesia determine the reference price for fresh fruit bunches for oil palm farmers, as well as biodiesel incentives.