PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 15,940/kg on Monday (12/9/2024), reflecting a 0.38% decrease or IDR 60/kg from Friday’s (12/6/2024) price of IDR 16,000/kg. According to Palmoilmagazine.com report from KPBN, the Belawan and Dumai Franco prices were also set at IDR 15,940/kg.
Meanwhile, on the Malaysian Exchange, palm oil futures experienced a decline. Reuters reported that February 2025 palm oil futures (FCPOc3) on the Bursa Malaysia Derivatives Exchange fell by RM 47/tonne (approximately 0.92%) to RM 5,081/tonne (US$ 1,149.55) during the midday break.
This drop followed a downward trend in vegetable oil prices on the Dalian and Chicago exchanges as traders awaited key data from the Malaysian Palm Oil Board (MPOB) for further market direction.
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In a Reuters survey, Malaysian palm oil inventories are likely to fall in November for the second month in a row as heavy rains disrupt production.
Floods hit Malaysia last week after heavy rains in November. The country’s meteorological department is forecasting a monsoon surge from Dec. 8 to 14, which could bring persistent rains to the east coast of Peninsular Malaysia and parts of Sabah and Sarawak on Borneo Island.
The price of Dalian’s most active soybean oil contract DBYcv1 fell 0.84%, while the price of its palm oil contract DCPcv1 fell 0.78%. Soybean oil fell 0.77% on the Chicago Board of Trade BOcv1. (P2)
