PALMOILMAGAZINE, JAKARTA – On Friday, July 12, 2024, the crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was withdrawn, with the highest bid at Rp. 12,630/kg.
This represents a decreased of Rp. 88/kg, or about 0.69%, compared to the previous day’s tender on July 11, 2024, which was Rp. 12,718/kg.
According to Palmoilmagazine.com from KPBN Inacom, the CPO Franco prices in Belawan and Dumai were Rp. 12,729/kg, but the highest bid remained at Rp. 12,630/kg, resulting in a withdrawal. Similarly, crude palm kernel oil (CPKO) in Lampung was priced at Rp. 17,536/kg, but the highest bid was only Rp. 14,000/kg, leading to a withdrawal as well.
Palmoilmagazine.com calculations for the week of July 8-12, 2024, show that the average CPO tender at KPBN decreased by approximately Rp. 344.60/kg to Rp. 12,799.00/kg. This is a drop of about 2.62% compared to the average CPO tender in the previous week (July 1-5, 2024), which was Rp. 13,143.60/kg.
As reported by Reuters, the CPO contract price on the Malaysia Derivatives Exchange rose on Friday, July 12, 2024, continuing the trend from the previous session, as traders monitored the rising soyoil prices at the Chicago Board of Trade.
CPO reference contract price with the code FCPO1 for September 2024 delivery at Malaysia Derivatives Exchange got escalated RM 22 per ton or about 0,56% to be RM 3.957 (US$ 847,69) in the early session.
Malaysian Palm Oil Board (MPOB) on Wednesday reported that palm oil stock in the country by the late of June got escalated 4,35% to May to be 1,83 million metric tons, the highest numbers since February 2024. MPOB related the increasing stocks happened for the significant decreasing exports to the production.
CPO production decreased 5,23% to May to be 1,62 million tons while the export did too 12,82% to be 1,21 million tons.
The survey from Reuters predicted that the stock could be reaching 1,83 million tons, the output could be 1,62 million tons and the export could be 1,24 million tons. (P2)
