PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at Rp. 14,919/kg on Wednesday (18/12/2024), thus the CPO price was recorded to have decreased by 1.85% or there was a decrease of around Rp. 281/kg, compared to the CPO price with the highest price offer on Tuesday (17/12/2024) which reached Rp. 15,200/kg.
From the information obtained by Palmoilmagazine.com from KPBN, the Dumai CPO price was set at Rp. 14,919/kg. The price of Teluk Bayur was set at Rp. 14,789/Kg.
While reported by Reuters, the price of Palm oil futures on the Malaysian Exchange fell on Wednesday, (18/12/2024), for the fourth consecutive session, weighed down by falling prices for other vegetable oils.
Also Read: CPO Prices at KPBN Inacom Drop 2.50% on Tuesday (17/12)
The price of the FCPOc3 palm oil contract for March 2025 delivery on the Bursa Malaysia Derivatives Exchange fell RM 137 per tonne or about 2.9%, to RM 4,588 (US$ 1,027.32) per metric tonne at the midday break.
The market was pressured by the selloff of soybean oil futures on the Chicago Exchange overnight and in Asian hours on Wednesday, said Anilkumar Bagani, Head of Commodity Research at Mumbai-based Sunvin Group.
Then, Malaysia’s palm oil export performance in the first half of December faltered as destination markets such as India and China were not willing to buy palm oil due to very high premiums over other vegetable oils in general and soybean oil in particular, Anilkumar said.
The price of Dalian’s most active soybean oil contract DBYcv1 fell 3.2%, while its palm oil contract DCPcv1 fell 1.8%. Soybean oil prices on the Chicago Board of Trade BOcv1 fell 2.41%.
Here are the details of the KPBN CPO Tender results (Rp./Kg), Excld VAT for the period Wednesday (18/12/2024):
- Franco Dumai Rp. 14,919-AGM
- Teluk Bayur Rp. 14,789-AGM. (P2)
