InfoSAWIT, JAKARTA – The crude palm oil (CPO) price at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom saw an increase of 0.65% on Thursday, November 7, 2024, with CPO trading at IDR 15,430 per kilogram, up by IDR 100 from Wednesday’s price of IDR 15,330 per kilogram.
According to InfoSAWIT’s report from KPBN, the price for Franco Dumai was set at IDR 15,430/kg, while palm kernel oil (CPKO) in Lampung opened at IDR 24,198/kg, with the highest bid reaching IDR 21,900/kg.
Meanwhile, in Malaysia, palm oil futures saw a slight dip on Thursday. Reuters reported that the benchmark palm oil contract for January 2025 delivery on the Bursa Malaysia Derivatives Exchange fell by MYR 2 per metric ton, or about 0.04%, to MYR 4,915 (USD 1,114.77) per metric ton at midday.
The minor downturn came amid a premium over crude oil and Indonesia’s proposal to increase its biodiesel blend requirement to 50% palm oil by 2028. Edi Wibowo, Director of Bioenergy at Indonesia’s Ministry of Energy and Mineral Resources, made the announcement at an industry conference on Thursday.
In related news, India, the world’s largest vegetable oil importer, is expected to see a drop in vegoil imports to 15 million tons in the 2024-2025 period due to favorable weather boosting domestic production. However, Indian palm oil imports surged by 59% in October, as refiners stocked up to meet demand during religious festivities and replenish stocks.
Elsewhere, in global vegetable oil markets, the most active soybean oil contract on the Dalian Commodity Exchange rose by 1.62%, while palm oil prices rose by 2.26%. Soybean oil on the Chicago Board of Trade also posted a modest 0.09% increase.
KPBN CPO Tender Results (Rp./kg) for Thursday, 7 November 2024, Excl. VAT:
CPO:
- Franco Dumai: IDR 15,430/Kg
CPKO:
- Lampung: IDR 24,198/Kg (withdrawn), with the highest bid at IDR 21,900/kg
(T2)
