PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom reached Rp 12,507 per kilogram on Thursday (6/6/2024). This marks an increase of Rp 69 per kilogram, or approximately 0.55%, from the tender price of Rp 12,438 per kilogram on Wednesday (5/6/2024).
According to KPBN, the CPO Franco price in Belawan and Dumai was set at Rp 12,507 per kilogram. In Kembayan, the price was also Rp 12,507 per kilogram, but it was withdrawn with the highest bid at Rp 11,655 per kilogram. In Sei Tapung, the CPO price was Rp 12,268 per kilogram.
Reuters reported that the CPO contract price on the Malaysia Derivatives Exchange also rose on Thursday (6/6/2024), mirroring the trend in crude oil prices. Traders are awaiting further export and production data from Malaysia for more insights.
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Additionally, Reuters noted that the reference CPO contract (code FCPO1) for August 2024 delivery on the Malaysia Derivatives Exchange increased by RM 20 per ton, or about 0.5%, to RM 3,926 (US$ 836.21) per metric ton during the morning session. This follows a 3.8% decline in the contract price on Tuesday, marking the largest one-day drop since May 31 of the previous year.
Researcher Head of Vegetable Oil Broker in Mumbai, Sunvin Group, Anilkumar Bagani said the company got the cheap purchase offer based on some supporting level after the price got corrected. “Now energy got more expensive in Asia and would deliver further supports,” he said.
The main vegetable oil importer, India hoped to escalate its purchase and China would be more active in the trade. “We predict that the price would be more expensive from this,” Anilkumar Bagani said.
Here are CPO tenders at KPBN (Rp./Kg), excluded income tax on Thursday (6/6/2024):
- Franco Belawan and Dumai Rp. 12.507-MM, IBP, KJA
- Kembayan Rp. 12.057 (WD) with the highest bid Rp. 11.655-EUP
- Sei Tapung Rp. 12.268-SDS. (T2)
