PALMOILMAGAZINE, JAKARTA – Crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was withdrawn (WD) with the highest bid at Rp. 12,907/kg on Wednesday (7/8/2024).
This marked a decrease of Rp. 212/kg or about 1.62% from Tuesday’s (6/8/2024) tender, which was Rp. 13,119/kg.
According to Palmoilmagazine.com, CPO Franco in Belawan and Dumai was priced at Rp. 13,504/kg but was withdrawn with the highest bid at Rp. 12,907/kg. In Talang Duku, the price was Rp. 12,854/kg but was withdrawn with the highest bid at Rp. 12,690/kg. In Ngabang, it was Rp. 12,704/kg but was withdrawn with the highest bid at Rp. 12,525/kg.
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As quoted from Reuters, the CPO contract price at the Malaysia Derivatives Exchange (MDX) decreased in the morning session on Wednesday (7/8/2024), marking the fourth consecutive drop due to projected increasing stock levels.
CPO reference contract price for November 2024 delivery at Malaysia Derivatives Exchange got cheaper 0,1 percent to be RM 2.710 (US$ 634,96) per ton in the midday after it hit the lowest level since 21 August at RM 2.708 per ton before the session. CPO contract price got decreased 2,6 percent after it hit the highest level for the past five months last week.
CPO stock in August could be increasing when the exports decreased from the previous month while the production could be higher in numbers, as traders mentioned.
Surveyor Intertek Testing Services reported that palm oil exports from Malaysia on 1 – 25 August got decreased 8,1 percent from the previous period last month. (P2)
