Palm Oil Magazine - CPO Price at KPBN Tender on Wednesday (3/1) Withdrawn with the Highest Bid of Rp 10,975/Kg

PALMOILMAGAZINE, JAKARTA The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) was withdrawn, with the highest bid recorded at Rp 10,975/kg on Wednesday (3/1/2024). This indicates a decrease in CPO prices by Rp 258/kg, or approximately 2.29%, compared to the tender on Friday (December 22, 2023), which was at Rp 11,233/kg.

Information obtained from KPBN reveals that CPO Franco in Belawan was initially priced at Rp 11,111/kg but dropped to Rp 10,975/kg during the withdrawal. In Palembang, CPO was originally at Rp 10,961/kg and decreased to Rp 10,778/kg in the withdrawal with the highest bid. Similarly, in Siak, the initial price was Rp 10,961/kg, and it decreased to Rp 10,825/kg during the withdrawal.

For crude palm kernel oil (CPKO) in Dumai, the price was initially at Rp 11,854/kg but decreased to Rp 11,453/kg with the highest bid during the withdrawal.

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Meanwhile, CPO prices at the Malaysia Derivative Exchange experienced a decline for the fourth consecutive session on Wednesday (3/1/2024), reaching the lowest level in the past two months. This downward trend is attributed to reduced demand and lower soyoil prices.

According to Reuters, the CPO reference contract with the code FCPOc3, scheduled for March 2024 delivery at the Malaysia Derivatives Exchange, dropped by RM 43 per ton, or approximately 1.2%, to RM 3,617 (US$ 780.87) per metric ton in the midday trading session.

Here are CPO and CPKO prices at KPBN tenders (Rp./Kg), excluded income tax on Wednesday (3/1/2024):

CPO Prices: