PALMOILMAGAZINE, JAKARTA – Crude palm oil (CPO) prices in the global market extended their upward trend midweek, marking a third consecutive day of gains. Trading on the Bursa Malaysia Derivatives on Wednesday (April 22, 2026) was supported by stronger prices of competing vegetable oils, particularly soybean oil.
According to Reuters, the benchmark July 2026 CPO futures contract rose by RM38 per ton, or 0.83%, to reach RM4,597 per ton during the midday session. This increase builds on a solid rally over the previous two trading days, during which the same contract had already gained around 2.45%, reflecting sustained positive sentiment in the market.
In Indonesia’s domestic market, prices showed a similar upward trajectory. CPO traded through PT Kharisma Pemasaran Bersama Nusantara (KPBN) was set at IDR 15,412 per kilogram on the same day, rising by IDR 162/kg or approximately 1.06% compared to Tuesday’s (April 21, 2026) level of IDR 15,250/kg.
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The bullish momentum in CPO prices was closely tied to movements in the global vegetable oil market. On the Dalian Commodity Exchange, soybean oil prices climbed about 1.3%, while palm oil futures on the same exchange surged by as much as 2.16%. Meanwhile, soybean oil prices on the Chicago Board of Trade also posted modest gains, providing additional support to the CPO market.
Despite the ongoing rally, market participants remain cautious about the potential for rising production to cap further price increases in the near term. As key producing countries enter peak harvesting periods, higher supply could weigh on the current upward momentum.
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Overall, the current price movement reflects a balance between supportive external factors from competing vegetable oils and concerns over increasing supply. Under these conditions, market volatility is expected to remain elevated as traders await clearer fundamental direction in the coming weeks. (P3)
