PALMOILMAGAZINE, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom increased to IDR 14,726/kg on Monday (Dec 23, 2024), marking a 0.37% rise or an increase of approximately IDR 55/kg compared to the highest offer price on Friday (Dec 20, 2024), which stood at IDR 14,671/kg.
According to information from KPBN:
- Belawan: IDR 14,726/kg
- Teluk Bayur: IDR 14,596/kg
- Talang Duku: IDR 14,526/kg
Meanwhile, Reuters reported that palm oil futures on the Malaysian Exchange ended a six-session losing streak on Monday (Dec 23, 2024), buoyed by rising soybean oil prices on the Dalian Commodity Exchange and traders purchasing contracts at lower prices following recent declines.
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The benchmark FCPOc3 contract for March 2025 delivery on the Bursa Malaysia Derivatives Exchange rose by RM 56 per ton, or 1.26%, reaching RM 4,489 (approximately USD 1,000.45) per metric ton at the midday break.
“The increase in crude palm oil prices is driven by investors absorbing lower-priced contracts after recent declines, as well as gains in other vegetable oil prices, including soybean oil on the Dalian Exchange and rapeseed oil futures,” stated Anilkumar Bagani, Head of Commodity Research at Sunvin Group.
Additional Details from Commodity Markets:
- The most active Dalian soybean oil contract (DBYcv1) rose by 0.83%.
- Palm oil contracts on Dalian (DCPcv1) fell by 0.48%.
- Soybean oil on the Chicago Board of Trade (BOcv1) dropped by 0.2%.
- Rapeseed oil futures on the Zhengzhou Commodity Exchange increased by 0.86%. (P2)
