KPBN Inacom CPO Price Rises  to Rp 14,888/kg on Thursday (31/10)

PALMOILMAGAZINE, JAKARTA – On Thursday (31/10/2024), the crude palm oil (CPO) tender at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom reached Rp 14,888 per kilogram, marking a 0.53% increase, or Rp 78 per kilogram, from Wednesday’s (30/10/2024) tender price of Rp 14,810 per kilogram. According to information from KPBN, the CPO Franco price in Belawan and Dumai was also set at Rp 14,888 per kilogram.

The CPO price at the Malaysia Derivatives Exchange continued its positive trend for the second consecutive day, despite profit-taking by investors and concerns over reduced demand due to a widening premium over other vegetable oils. Data from 123 Futures indicated that FCPO (futures crude palm oil) prices rose in the closing session, recovering losses from the morning session.

Early trading pressure on FCPO prices stemmed from lower crude oil and soybean oil prices the previous night. Soybean oil, a main competitor of CPO, was influenced by the ongoing soybean harvest in the United States, which showed strong progress. According to the USDA’s Crop Progress report, soybean harvesting had reached 89% of total planted areas, surpassing the five-year average of 78%. This increased soybean supply could impact global CPO demand.

• Also Read: India’s Palm Oil Imports Surge in July 2024
• 2% Drop in CPO at Malaysian Exchange Amid Soyoil Harvest

Meanwhile, ringgit Malaysia got cheaper and be the positive for FCPO price. It increased CPO competition for being cheap and delivered the additional support in the trade. Ringgit got the biggest decreasing price in month on month since 2015, reinforced the foreign buyers’ interests to Malaysia’s CPO.

Besides, many traders were optimist about CPO export data in October that would be released. The positive export prediction delivered the positive for CPO price by hoping that the export would help its price until the end of the month.

Here are tenders at KPBN (Rp./Kg), excluded income tax on Thursday (31/10/2024):

CPO: Franco Belawan and Dumai Rp. 14.888-MNA, ACI, AGM

CPKO:

• Belawan Rp. 23.493 (WD) with the highest bid Rp. 22.080-MM
• Palembang Rp. 23.129 (WD) with the highest bid Rp. 21.480-IKIN. (P2)