PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was withdrawn (WD) on Wednesday, October 16, 2024, with the highest bid at Rp. 14,010/kg. This marked a 0.24% increase or Rp. 33/kg from the previous day’s tender, which stood at Rp. 13,977/kg on Tuesday, October 15, 2024.
According to KPBN, CPO Franco in Dumai was listed at Rp. 14,111/kg but was withdrawn with the highest bid at Rp. 14,010/kg. Meanwhile, crude palm kernel oil (CPKO) in Lampung was priced at Rp. 21,194/kg, but also withdrawn with the highest bid at Rp. 16,006/kg from KLKD.
As reported by Reuters, the CPO contract price at the Malaysia Derivatives Exchange rose on Wednesday, October 16, 2024, after two consecutive sessions of decline. The increase was driven by next year’s supply prospects and short-term demand. The reference CPO contract price (FCPOc3) for January 2025 delivery increased by RM 75 per ton, or about 1.77%, reaching RM 4,314 (US$ 1,005.13) per metric ton by midday, following a 1.89% drop over the previous two sessions.
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By the early of this month, senior analyst of Oil World, Thomas Mielke predicted palm oil production would be increasing 2,3 million metric ton in 2024 – 25 to the previous year.
Soyoil contract price at Dalian (DBYcv1) got increased 1,37%, CPO contract price (DCPcv1) did too 1,78%. Soyoil price at Chicago Board of Trade BOcv1 did increase 0,33%. (P2)