PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) on the Indonesia Commodity Market (Inacom) or KPBN, experienced a significant decline on Wednesday, November 13, 2024. The price of CPO located in Dumai opened at Rp. 15,367 per kilogram (/kg), but Withdrawal (WD) with the highest offer of Rp. 15,155/kg, this price decreased by Rp. 583/kg, compared to the price of CPO on Tuesday (12/11/2024) which closed at IDR 15,738/kg.
In Talang Duku there was also a WD, the price opened at IDR 15,167/kg, with the highest bid at IDR 14,935/kg. Finally in Sei Tapung again WD, the price opened at IDR 15,128/kg, with the highest bid at IDR 14,795/kg.
For the price of palm kernel oil (CPKO) also experienced WD, in Belawan it opened at IDR 25,854, with the highest offer at IDR 23,825. In Lampung, it opened at IDR 25,633, with the highest bid at IDR 22,825.
Also Read: Minister Nusron Wahid Targets Improved Business Rights System for Palm Oil Sector in First 100 Days
Meanwhile in Malaysia, quoting from a Reuters report, the price of Palm oil futures contracts on the Exchange closed down for the second consecutive session on Wednesday, (13/11/2024), dragged down by a sharp decline in the price of other vegetable oils on the Dalian Exchange.
The benchmark price of palm oil for January 2025 delivery on the Bursa Malaysia Derivatives Exchange fell RM 42 per ton or about 0.84%, to RM 4,984 (US$ 1,121.01) per metric ton at close. (A3)
