PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 15,976/kg on Thursday, December 5, 2024. This represents an increase of 0.48% or approximately IDR 76/kg compared to Wednesday’s price of IDR 15,900/kg (December 4, 2024).
According to information obtained by Palmoilmagazine.com from KPBN, the Franco Belawan & Dumai price was determined at IDR 15,900/kg.
Meanwhile, according to Reuters, Malaysian palm oil futures rose on Thursday, December 5, 2024, supported by projections of lower November stocks in Malaysia.
Also Read: CPO Price at KPBN Inacom Rises 0.71 Percent on Wednesday (4/12)
The February 2025 benchmark palm oil contract (FCPOc3) on the Malaysian Derivatives Exchange increased by RM 70 or approximately 1.39%, reaching RM 5,102 (USD 1,152.47) per metric ton during the midday break.
A Reuters survey indicated that Malaysia’s palm oil inventory is expected to drop to 1.79 million tons in November, marking the second consecutive monthly decline due to heavy rainfall disrupting production.
Low stock levels in Malaysia are expected to bolster palm oil prices, as Indonesia’s palm oil exports are anticipated to remain tight due to the upcoming B40 biodiesel mandate and the Ramadan holiday in the first quarter of next year, said Anilkumar Bagani, Head of Commodity Research at Mumbai-based Sunvin Group.
Elsewhere, the most active soybean oil contract on Dalian (DBYcv1) fell 0.28%, while its palm oil counterpart (DCPcv1) declined 0.89%. Meanwhile, soybean oil prices rose by 0.75% on the Chicago Board of Trade. (P2)
