PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom increased by 1.34% to IDR 15,165/kg on Tuesday (26/11/2024), up IDR 201/kg from Monday’s price of IDR 14,964/kg.
According to data from KPBN, the Franco price at Belawan and Dumai was set at IDR 15,165/kg, while prices in Teluk Bayur and Talang Duku were IDR 15,035/kg and IDR 14,965/kg, respectively.
Meanwhile, palm oil futures on the Malaysian Exchange rose for the second consecutive session, supported by higher soybean oil prices and expectations of reduced production in Malaysia. The benchmark price for February 2025 delivery on the Bursa Malaysia Derivatives Exchange increased by RM 35 (0.74%) to RM 4,734 (US$1,062.63) per metric ton by the close of trading.
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David Ng, a trader at Iceberg X Sdn Bhd in Kuala Lumpur, attributed the market’s strength to the rise in soybean oil prices, a key factor influencing palm oil trends.
“Palm oil has also been under a lot of selling pressure lately and given the anticipation of weaker production in Malaysia as well as the positive sentiment in the soybean oil market, the market is looking for a catalyst that can push it higher,” he said.
The price of the most active Dalian soybean oil contract fell 0.05%, while the price of its palm oil contract rose 1.48%. Soybean oil prices on the Chicago Board of Trade rose 3.07%.
Here are the details of the KPBN Tender results (Rp./Kg), Excld VAT for the period of Tuesday (26/11/2024):
CPO:
- Franco Belawan & Dumai Rp. 15,165-MM, IBP
- Teluk Bayur IDR 15,035-WIRA
- Talang Duku IDR 14,965-MM
CPKO:
- Belawan Rp. 25,210-MM
- Lampung Rp. 24,886 (WD). Highest bid Rp. 24,210-IKIN
- Palembang Rp. 24,743-IKIN. (P2)
