InfoSAWIT, JAKARTA – Crude palm oil (CPO) tender at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was Rp. 14.888/kg on Thursday (31/10/2024). It meant to get increased 0,53% or about Rp 78/kg to Wednesday (30/10/2024) tender that was Rp 14.810/kg.

What InfoSAWIT got from KPBN, CPO Franco in Belawan and Dumai was Rp 14.888/Kg.

CPO price at Malaysia Derivatives Exchange successfully maintained its positive trend for two days in a row even though it faced the profit taking from the investors and the worry about the decreasing demands because the premium price got much wider from other kinds of vegetable oils. Based on the reports of 123 futures, FCPO got increased in the closing session, recovered the loss in the morning session.

In the early session, FCPO was pressured by the cheaper crude oil and soyoil last night. Soyoil price, as the main competitor of CPO, had something to do with the harvest in the USA and showed the positive progress. Data from Crop Progress, USA noted that soybean harvest covered 89% of the total plantation, got higher than the average harvest in the past five years that reached 78%. This reflected soybean supplies get higher in the globe and would have something to do with CPO demands.

Meanwhile, ringgit Malaysia got cheaper and be the positive for FCPO price. It increased CPO competition for being cheap and delivered the additional support in the trade. Ringgit got the biggest decreasing price in month on month since 2015, reinforced the foreign buyers’ interests to Malaysia’s CPO.

Besides, many traders were optimist about CPO export data in October that would be released. The positive export prediction delivered the positive for CPO price by hoping that the export would help its price until the end of the month.

Here are tenders at KPBN (Rp./Kg), excluded income tax on Thursday (31/10/2024):

CPO_____

Franco Belawan and Dumai Rp. 14.888-MNA, ACI, AGM

CPKO_____

Belawan Rp. 23.493 (WD) with the highest bid Rp. 22.080-MM

Palembang Rp. 23.129 (WD) with the highest bid Rp. 21.480-IKIN

(T2)