KPBN CPO Tender Surge 0.89% on October 18, 2023

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Doc. palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – The tender price for Crude Palm Oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) saw a notable increase, reaching Rp 11,215 per kilogram on Wednesday, October 18, 2023.

This represented an improvement of Rp 100 per kilogram, which translates to approximately 0.89%, when compared to the previous day’s tender on Tuesday, October 17, 2023, which stood at Rp 11,115 per kilogram, excluded income tax.

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Palmoilmagazine.com reported that the CPO prices obtained from KPBN, as well as CPO Franco Kuala Tanjung and Dumai, all stood at Rp 11,215 per kilogram, excluded income tax.

Furthermore, the price of Crude Palm Kernel Oil (CPKO) in Dumai was Rp 11.002 per kilogram, while in Palembang, it was priced at Rp 10.638 per kilogram.

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The CPO trade on the Malaysia Derivative Exchange experienced growth due to factors such as increased exports, rising demands from China, and the high cost of soyoil at the Chicago Board of Trade.

According to Reuters, the CPO reference contract with the code FCPOc3, set for January 2024 delivery at the Malaysia Derivatives Exchange, witnessed a 1.03% increase, reaching RM 3,823 per metric ton, equivalent to US$806.88, during midday trading.

These developments signify a positive trend in the CPO market, reflecting price increases and various contributing factors affecting the market, including international demand and related commodity market conditions. (T2)

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