CPO Prices at KPBN Inacom and MDX Drop on Thursday, June 27, 2024

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CPO Prices at KPBN Inacom and MDX Drop on Thursday, June 27, 2024. Photo by: Sawit Fest 2021 / Wahyu Karbadi

PALMOILMAGAZINE, JAKARTA – On Thursday (27/6/2024), the tender for Crude Palm Oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was Rp 12,758/kg, but it was withdrawn (WD) with the highest bid at Rp 12,718/kg. This represented a decrease of Rp 32/kg or about 0.06% from Wednesday’s (26/6/2024) tender price of Rp 12,750/kg.

According to Palmoilmagazine.com, KPBN reported that CPO Franco in Belawan and Dumai was Rp 12,758/kg but was withdrawn with the highest bid at Rp 12,718/kg. Crude Palm Kernel Oil (CPKO) in Lampung was priced at Rp 16,689/kg but was also withdrawn with the highest bid at Rp 14,000/kg.

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Reuters reported that the CPO contract price at the Malaysia Derivatives Exchange (MDX) fell on Thursday (27/6/2024) due to decreasing demand and the impact of India potentially changing import duties for vegetable oils, despite reduced production supporting higher prices. The reference CPO contract price (code FCPO1) for September 2024 delivery at the Malaysia Derivatives Exchange decreased by RM 18 per ton, or about 0.46%, to RM 3,861 (US$ 818.53) by midday.

Also Read: CPO Prices at KPBN Inacom and Malaysia Exchange Increased on Thursday (20/6)

India, the world’s largest importer of vegetable oils, announced on Wednesday that it would issue permits to import limited quantities of corn oil, sunflower oil, processed canola oil, and powdered milk under a tariff-rate quota (TRQ) system. This means importers would pay zero or lower import duties, a measure likely aimed at minimizing food inflation.

Cargo surveyors – Intertek Testing Services and AmSpec Agri Malaysia reported that the exports from Malaysia on 1 – 25 June got decreased between 16,1% and 16,9% to May in the same period.

Still from Reuters, soyoil contract price at Dalian (DBYcv1) got increased 0,34%, CPO contract price (DCPcv1) was traded flat. Soyoil price at Chicago Board of Trade (BOcv1) got increased 0,1%.

Here are tenders at KPBN (Rp./Kg), excluded income tax on Thursday (27/6/2024):

CPO: Franco Belawan and Dumai Rp. 12.758 (WD) wth the highest bid Rp. 12.718-MM, IBP

CPKO: Lampung Rp. 16.859 (WD) with the highest bid Rp. 14.000-AMJP. (T2)

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