Palm Oil Magazine - Crude Palm Oil Prices Decline at KPBN and Malaysia Derivatives Exchange on Monday (30/9)

PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) on Monday, September 30, 2024, was Rp 13,978/kg, reflecting a slight decrease of Rp 26/kg, or about 0.19%, from the previous tender on Friday, September 27, 2024, which stood at Rp 14,004/kg.

According to information Palmoilmagazine.com received from KPBN Inacom, the CPO price at Franco Dumai was Rp 13,978/kg, while at Belawan, the price was the same, but the highest bid during the withdrawal phase (WD) reached Rp 13,853/kg.

In Parindu, the CPO price reached IDR 13,628/kg, with the highest bid during the WD phase at IDR 13,300/kg. In Long Pinang and Pelaihari, CPO was offered at IDR 13,578/kg, but the highest WD offer in both locations reached IDR 12,668/kg.

Meanwhile, as reported by Reuters, CPO contract prices at the Malaysia Derivatives Exchange fell for the second consecutive session on Monday, September 30, 2024. This decline was attributed to the strengthening of the Malaysian ringgit, making CPO more expensive compared to other vegetable oils. The December 2024 reference contract dropped by RM 21 per metric ton, or 0.52%, to RM 4,030 (US$ 982.21) per metric ton by midday.

CPO was too expensive than other vegetable oils, as Paramalingam Supramaniam, director of broker of Pakar Bestari in Selangor, said.

Dalian Commodity Exchange would not be operating for the holiday – Golden Week of China since on 1 to 7 October. Ringgit, the official currency of palm oil trade got increased 0,49 percent towards US dollar. It made many commodities more expensive for the traders that purchased them in foreign currency.

Soyoil at Dalian got decreased 0,54 percent, CPO contract price did too 1,19 percent. Soyoil price at Chicago Board of Trade got decreased 0,4%.

Here are CPO tenders at KPBN (Rp./Kg), excluded income tax on Monday (30/9/2024):