PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was priced at Rp 14,685/kg on Monday, October 28, 2024, reflecting a 0.24% decrease (Rp 36/kg) from Friday’s tender price of Rp 14,721/kg on October 25. KPBN reported that CPO prices in Belawan and Dumai were also at Rp 14,685/kg.
According to Reuters, CPO contract prices on the Malaysia Derivatives Exchange rose on Monday, October 28, due to a weaker Malaysian ringgit and strong demand supporting the market. The January 2025 reference contract (FCPOc3) increased by RM 14 per ton, or 0.31%, to RM 4,550 per ton (US$1,044.30) by midday.
CPO trade got recovered from the first loss until it got closed more expensive in the midday because of the increasing demands and decreasing ringgit currency, as a trader in Kuala Lumpur said.
Ringgit MYR, the official currency in palm oil trade got decreased 0,46% toward US dollar and made CPO cheaper for the buyers that got transaction in foreign currencies.
Soyoil contract price at Dalian (DBYcv1) got decreased 1,66%, CPO contract price (DCPcv1) did decrease 1,6%. Soyoil price at Chicago Board of Trade BOcv1 did too 2,47%. (P2)
