CPO Price at Inacom KPBN Rises 1.13 Percent on Friday (7/6), Weekly Up 0.5 Percent

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CPO storage tank. Photo by: Palmoilmagazine.com

PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was IDR 12,648 per kilogram on Friday, June 7, 2024. This represents an increase of IDR 141 per kilogram, or about 1.13%, compared to the price on Thursday (June 6, 2024), which was IDR 12,507 per kilogram.

According to information Palmoilmagazine.comreceived from KPBN, the CPO price reached Rp 12,648 per kilogram for Franco Belawan and Dumai. In Kembayan, the CPO price was IDR 12,198 per kilogram but was withdrawn (WD), with the highest bid at IDR 11,905 per kilogram.

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According to Palmoilmagazine.com records from June 3 to June 7, 2024, the average CPO offer at KPBN increased by around Rp 62.80 per kilogram, to Rp 12,547.20 per kilogram, or up by around 0.5% compared to the previous period (May 27 – May 31, 2024) which averaged Rp 12,848.40 per kilogram.

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Meanwhile, citing from Reuters, CPO contract prices on the Bursa Malaysia Derivatives Exchange rose for the second consecutive session on Friday (June 7, 2024), boosted by rising crude oil prices, despite predictions of a weekly decline.

The reference price of the CPO contract, coded FCPO1 for August 2024 delivery, rose 1.7%, or about RM 66 per ton, to RM 4,026 (US$ 857.69) per metric ton in the afternoon session. However, CPO prices had fallen more than 1% earlier this week.

The traders still waited for monthly CPO data from Malaysian Palm Oil Board that would be released on 10 June. According to poll by Reuters, CPO stock by the late of May might still reach 1,75 million metric tons or increase 0,39% from April.

The poll predicted CPO exports would increase 14,32% in the same period to be 1,41 million tons because its competitive price got recovered to soyoil in May.

Soyoil contract price at Dalian with the code DBYcv1 increased 1,5%; CPO contract price with the code CPO1 did escalate 2%. (T2)

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