PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom reached IDR 15,788/kg on Tuesday (3/12/2024), marking a 0.84% increase or approximately IDR 132/kg compared to Monday’s (2/12/2024) price of IDR 15,656/kg.
According to Palmoilmagazine.com report from KPBN, the Franco Belawan and Dumai CPO price was set at IDR 15,788/kg, while the price in Talang Duku was IDR 15,588/kg.
Reuters reported that Malaysian palm oil futures also rose on Tuesday (3/12/2024), driven by concerns over supply disruptions due to severe flooding in Peninsular Malaysia and higher export taxes in Indonesia for December. However, a drop in November export figures limited the price increase.
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The benchmark February CPO contract on the Malaysian Derivatives Exchange rose by MYR 32 per ton, or 0.65%, to MYR 4,987 (USD 1,116.16) per metric ton during the midday break.
A trader based in Kuala Lumpur noted that the flooding, potentially the worst in a decade, could impact palm oil production, sparking supply concerns. Additionally, Indonesia’s decision to raise CPO reference prices for December to USD 1,071.67/metric ton (from USD 961.97 in November) resulted in higher export taxes of USD 178/ton (up from USD 124/ton in November), further supporting prices.
Reports from cargo surveyors Intertek Testing Services and independent inspection firm AmSpec Agri Malaysia estimated that Malaysian palm oil exports in November decreased by 9.3%–10.4%.
In related markets: Dalian’s most active soybean oil contract fell by 1.79%, while palm oil contracts rose slightly by 0.08%, and Chicago Board of Trade, soybean oil prices dropped by 0.41%.
Here the KPBN Tender Results (IDR/kg, excl. VAT, on Tuesday 3/12/2024):
CPO:
- Franco Belawan & Dumai: IDR 15,788-EOP, AGM
- Talang Duku: IDR 15,588-AGM
CPKO:
- Belawan: IDR 25,425-MM
- Lampung: IDR 24,425-IKIN. (P2)
