PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom recorded a Withdraw (WD) with the highest bid of Rp. 14,671/kg on Friday (20/12/2024). This marks a 0.17% increase or approximately Rp. 25/kg compared to the price on Thursday (19/12/2024), which stood at Rp. 14,646/kg.
According to information from KPBN Inacom, the CPO price for Franco Belawan opened at Rp. 14,684/kg and closed with a WD at the highest bid of Rp. 14,671/kg. Meanwhile, the Franco Dumai price opened at Rp. 14,684/kg and recorded a WD at Rp. 14,500/kg. The Teluk Bayur CPO price opened at Rp. 14,554/kg and saw a WD at the highest bid of Rp. 14,370/kg.
Based on calculations by Palmoilmagazine.com, during the period of 16-20 December 2024, the average KPBN CPO price decreased by Rp. 678.20/kg to Rp. 15,005.00/kg. This represents a 4.32% decline compared to the previous week’s average price of Rp. 15,683.20/kg (9-13 December 2024).
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Meanwhile, as reported by Reuters, the price of CPO futures on Bursa Malaysia recovered from an early decline on Friday, (20/12/2024) after Indonesia raised its export levy, although prices remained on track for a second weekly decline.
The price of the benchmark FCPOc3 palm oil contract for March 2025 delivery on the Bursa Malaysia Derivatives Exchange was little changed at RM 4,506 (US$ 999.11) per metric ton at the midday break, after falling as much as 2.1% earlier in the day. However, the price of the palm oil contract has fallen about 8.1% over the week.
Indonesia’s top economic minister on Thursday said it would increase its export levy on crude palm oil to 10% from the current 7.5% to finance higher biodiesel subsidies.
The price of Dalian’s most-active soybean oil contract DBYcv1 rose 0.45%, while the price of its palm oil contract DCPcv1 fell 1.22%. The price of soybean oil on the Chicago Board of Trade BOcv1 rose 0.12%.
The following are the details of the CPO Tender results at KPBN (Rp./Kg), Excld VAT for the period Friday (20/12/2024):
- Belawan Rp. 14,684 (WD). The highest offer is Rp. 14,671-BEST
- DUmai IDR 14,684 (WD). Highest bid Rp. 14,500-IBP.
- Teluk Bayur Rp. 14,554 (WD). Highest bid Rp. 14,370-WIRA. (P2)