Palm Oil Magazine - CPO Price at KPBN Inacom Rises 1.09% on October 23, Along with Gains in Malaysia

PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom on Wednesday, October 23, 2024, reached Rp 14,337/kg, reflecting a 1.09% increase or Rp 154/kg compared to the previous day’s tender of Rp 14,183/kg.

According to KPBN, the CPO Franco price in Dumai stood at Rp 14,337/kg. In East Kalimantan, the price was Rp 13,960/kg, while in South Kalimantan, it was Rp 13,937/kg, though it was withdrawn (WD) with the highest bid recorded at Rp 13,300/kg.

As reported by Reuters, CPO prices on the Malaysia Derivatives Exchange rose by more than 2% on Wednesday, driven by declining production in the world’s two largest palm oil-producing countries. The benchmark CPO contract (FCPOc3) for January 2025 delivery saw an increase of RM 104 per ton, or 2.37%, reaching RM 4,490 (US$ 1,034.80) per metric ton by midday. Over the past two sessions, the price has climbed by 3.08%.

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The policy that Indonesia and Malaysia revised, such as, export tax in Malaysia and the increasing biodiesel mixture in Indonesia to be 40% (B40) forced CPO price got more expensive, as Paramalingam Supramaniam, Director of Pelindung Bestari in Selangor, Malaysia, said.

Soyoil contrat price at Dalian (DBYcv1) got increased 2,18%, CPO contract price did too (DCPcv1) 2,85%. Soyoil price at Chicago Board of Trade BOcv1 did increase 0,64%.

Here are CPO tenders at KPBN (Rp./Kg), excluded income tax on Wednesday (23/10/2024):