PALMOILMAGAZINE, JAKARTA – The crude palm oil (CPO) price at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 14,858/kg on Tuesday, December 24, 2024, marking a 0.9% increase (IDR 132/kg) compared to Monday’s price of IDR 14,726/kg.
According to information obtained by Palmoilmagazine.com from KPBN, the CPO Franco Dumai price was also set at IDR 14,858/kg. The latest palm oil commodity tender was conducted on Tuesday, December 24, 2024, and the next tender is scheduled to resume on Friday, January 3, 2025.
Meanwhile, Reuters reported a decline in Malaysian palm oil futures on the same day, as traders took profits ahead of the Christmas holiday. The benchmark crude palm oil futures contract (FCPOc3) for March 2025 delivery on the Malaysia Derivatives Exchange fell by RM 28 per metric ton (0.62%), settling at RM 4,514 per metric ton by midday.
Also Read: CPO Prices at KPBN Inacom Rise on Monday (12/23): Malaysian Palm Oil Futures Also Increase
“Futures traded sideways to lower due to profit-taking ahead of the holiday,” said Anilkumar Bagani, Head of Commodity Research at Sunvin Group.
On Monday, the same contract rose by 2.46%, ending a six-session losing streak. Analysts also noted that Indonesia’s plan to expand its biodiesel mandate starting January 1 appears likely to be implemented gradually as the industry seeks a phased approach.
In other markets, the most active Dalian soybean oil contract (DBYcv1) rose by 0.87%, while its palm oil contract (DCPcv1) climbed by 1.24%. In contrast, soybean oil prices on the Chicago Board of Trade (BOcv1) fell by 1.06%. (P2)
