PALM OILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 13,342/kg on Tuesday (3/9/2024), thus the CPO price was recorded to have increased by IDR 100/kg, or an increase of around 0.76% compared to the CPO price on Monday (2/9/2024) which reached IDR 13,242/kg.
From information obtained by Palmoilmagazine.com from KPBN, the CPO Franco Belawan & Dumai price was set at IDR 13,342/kg.
Meanwhile, as reported by Reuters, the price of oil futures contracts on the Malaysian bourse opened up on Tuesday (3/9/2024), the fourth consecutive session of gains, supported by the declining value of the Malaysian ringgit, the currency of the palm oil trade.
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The price of the benchmark palm oil contract for November 2024 delivery on the Bursa Malaysia Derivatives Exchange rose RM 28 per tonne or about 0.71%, to RM 3,961 (US$ 905.79) per metric tonne, in the afternoon session. The Malaysian Ringgit, the palm oil trading currency, weakened 0.53% against the dollar.
The price of the most active Dalian soybean oil contract fell 0.21%, while the price of its palm oil contract fell 0.15%. Soybean prices on the Chicago Board of Trade fell 0.5%.
Referring to Amspec Agri, Malaysian palm oil exports in August were estimated at 1,376,412 metric tons, while, referring to cargo surveyor Intertek Testing Services, Malaysian palm oil product exports in August fell 9.9% to 1,445,442 metric tons from 1,604,578 metric tons in July.
Indonesia raised its crude palm oil (CPO) reference price for September to US$ 839.53 per metric ton from US$ 820.11 in August. (P2)
