PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 15,760/kg on Tuesday (10/12/2024), marking a decrease of 1.13% or approximately IDR 180/kg compared to Monday’s (9/12/2024) price of IDR 15,940/kg.
According to KPBN, the prices for Belawan and Dumai were set at IDR 15,760/kg, while the price for Teluk Bayur stood at IDR 15,630/kg.
Meanwhile, Reuters reported that Malaysian palm oil futures also dropped on Tuesday (10/12/2024) after the Malaysian Palm Oil Board (MPOB) released its industry performance report.
The benchmark crude palm oil futures contract (FCPOc3) for February 2025 delivery on the Bursa Malaysia Derivatives Exchange fell by RM 82 per metric ton, or approximately 1.6%, settling at RM 5,038 (US$ 1,138.27) per metric ton during the midday break.
Highlights from the MPOB Report:
- Palm Oil Stock Levels: Malaysian palm oil stocks declined for the second consecutive month in November, down 2.6% from the previous month to 1.84 million tons.
- CPO Production: Crude palm oil production dropped 9.8% in November to 1.62 million tons.
- Palm Oil Exports: Exports plummeted by 14.7% to 1.49 million tons.
Weather Conditions Impacting Production:
Heavy rains caused flooding in Malaysia last week, following downpours at the end of November. Malaysia’s Meteorological Department forecasts continued monsoon rains from December 8 to 14, which are expected to bring persistent rainfall to the eastern coast of Peninsular Malaysia and parts of Sabah and Sarawak in Borneo. Both Sabah and Sarawak are among Malaysia’s key palm oil-producing regions.
Other Market Movements:
- The Dalian palm oil contract (DCPcv1) dropped by 0.31%.
- The most active soybean oil contract on the Dalian exchange (DBYcv1) rose by 0.36%.
- The Chicago Board of Trade’s soybean oil contract (BOcv1) declined by 0.79%.
KPBN Tender Results (Excluding VAT) – Tuesday (10/12/2024):
CPO:
- Franco Belawan & Dumai: IDR 15,760 (ACI, WNI, AGM)
- Teluk Bayur: IDR 15,630 (WNI)
CPKO:
- Belawan: IDR 25,801 (MNA)
- Palembang: IDR 24,437 (IKIN).
(P2)
