PALMOILMAGAZINE, JAKARTA – Malaysian crude palm oil (CPO) futures reversed earlier losses to trade higher on Wednesday (July 1, 2026), supported by a rebound in Chicago soybean oil prices and a weaker Malaysian ringgit, which improved the competitiveness of the country’s palm oil exports.
According to Reuters, the benchmark September 2026 CPO contract on the Bursa Malaysia Derivatives Exchange rose RM29, or 0.64%, to RM4,575 (US$1,118.58) per metric ton during the midday trading session.
The positive momentum in the global market was also reflected in Indonesia’s domestic CPO market. At PT Kharisma Pemasaran Bersama Nusantara (KPBN), the highest CPO bid reached IDR 15,417 per kilogram on Wednesday. However, the trading session ended with a withdraw (WD) status, indicating that no transaction was concluded.
Also Read: Indonesia Cuts July 2026 CPO Reference Price to USD 1,000.90 per Ton Amid Weak Global Demand
The highest bid was IDR 20 per kilogram, or approximately 0.13%, higher than Tuesday’s (June 30) top bid of IDR 15,397 per kilogram.
In the broader vegetable oil market, Chicago Board of Trade (CBOT) soybean oil futures gained around 0.29%, providing additional support to palm oil prices and improving market sentiment.
However, price movements in China remained under pressure. The most-active soybean oil contract on the Dalian Commodity Exchange fell 0.3%, while the benchmark palm oil contract declined 0.45%. The weaker performance in Dalian tempered gains in the Malaysian market despite improving external fundamentals.
Market participants are now closely monitoring export demand, currency movements, and developments in competing vegetable oil markets, all of which are expected to remain key drivers of CPO price direction in the near term. (P3)
