PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at the Indonesia Commodity Market (INACOM) or KPBN INACOM, located in Belawan & Dumai, closed at Rp. 12,959 / kg on Friday, August 23, 2024.
This price was recorded to increase by Rp 91/kg compared to the CPO price on Thursday (22/8/2024) which reached Rp 12,868/kg, as the information obtained by Palmoilmagazine.com from INACOM.
While in Malaysia, as quoted from Reuters, the price of palm oil futures contracts on Bursa Malaysia fell on Friday (August 23, 2024), ending two consecutive sessions of gains, following weak soybean oil prices on the Dalian and Chicago Exchanges, but weekly prices rose in the last five weeks.
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The price of the benchmark palm oil contract for November 2024 delivery on the Bursa Malaysia Derivatives Exchange fell RM 25 per tonne or about 0.65%, to RM 3,810 (US$ 869.66) per metric tonne in the afternoon.
Still reported by Reuters, palm oil contract prices on the Dalian Exchange rose 0.52%, while the price of the most active soybean oil contract fell 0.24%. Soybean oil prices on the Chicago Board of Trade fell 0.4%.
It was noted that the Indonesian government plans to implement biodiesel with a mandatory blend of 40% palm oil-based fuel from January 1 next year, a senior energy ministry official said. (P2)
