PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at Rp 13,155/kg on Thursday (29/8/2024), thus the CPO price was recorded to have dropped by Rp 80/kg, or there was a decrease of around 0.6% compared to the CPO price on Wednesday (28/8/2024), which reached Rp 13,235/kg.
From information received by Palmoilmagazine.com from KPBN, the CPO Franco Belawan & Dumai price was set at IDR 13,155/kg.
Meanwhile, as reported by Reuters, the price of palm oil futures on the Malaysian bourse headed for a third consecutive day of declines on Thursday, (29/8/2024), weighed down by fears of falling demand following India’s plan to raise import taxes.
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The price of the benchmark palm oil contract for November 2024 delivery on Bursa Malaysia Derivatives Exchange fell RM 11 per tonne, or about 0.28%, to RM 3,909 (US$ 904.23) per metric tonne at the midday break.
The government is currently considering increasing import taxes on edible oils to help protect farmers hit by lower oilseed prices, two government sources said on Wednesday.
The move, which is likely to be announced in the coming weeks, could dampen demand and reduce overseas purchases of palm oil.
Meanwhile, Malaysia’s palm oil product exports for the August 1-25 period declined between 14.1% and 14.9% from the previous month, although the pace of exports picked up from a 16.7% to 18.4% drop during the August 1-20 period, data from cargo surveyor Intertek Testing Services and independent inspection firm AmSpec Agri Malaysia showed earlier this week.
Still reported by Reuters, the price of the most active Dalian soybean oil contract rose 0.03%, while the price of its palm oil contract fell 0.7%. However, soybean oil prices on the Chicago Board of Trade rose 0.69%. (P2)
