InfoSAWIT, JAKARTA – The price of crude palm oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom increased by 0.72% to IDR 15,365/kg on Tuesday (19/11/2024), marking a rise of IDR 110/kg compared to Monday’s price of IDR 15,255/kg. 

According to information obtained by InfoSAWIT from KPBN, the price at Franco Belawan & Dumai was set at IDR 15,365/kg, while Talang Duku's CPO price was IDR 15,165/kg. 

Meanwhile, Malaysian palm oil futures also closed higher on Tuesday, supported by demand for cheaper edible oils and a bullish recovery in China's Dalian palm oil market. February 2025 delivery contracts on the Bursa Malaysia Derivatives Exchange rose by RM 23 per metric ton, or about 0.47%, to close at RM 4,922 (US$ 1,100.87) per metric ton. However, the price remained 3.71% lower compared to the previous session. 

Anilkumar Bagani, Head of Research at Sunvin Group, highlighted that palm oil prices are being driven upward by bargain buying and a bullish rebound in China's palm oil futures during Asian trading hours. 

“The rising palm oil prices are also influenced by predictions of tighter supply following Indonesia's implementation of the B40 biodiesel mandate and the upcoming Ramadan holidays,” Bagani told Reuters. 

Earlier, the Indonesian government reaffirmed its plan to implement the mandatory 40% palm oil-based biodiesel blend (B40) starting January 2025 during a discussion with parliament members. 

Separately, traders are anticipating market corrections, with Indian demand expected to decline as the winter season approaches, according to a Mumbai-based trader. 

In other markets, Dalian's most active soybean oil contract rose by 0.46%, while its palm oil contract fell by 0.26%. Meanwhile, soybean oil prices on the Chicago Board of Trade dropped by 0.37%. 

KPBN Tender Results (Excl. VAT, IDR/Kg) – Tuesday (19/11/2024): 

CPO_____ 

- Franco Belawan & Dumai: IDR 15,365-MM, AGM 

- Talang Duku: IDR 15,165-AGM 

CPKO_____  

- Belawan: IDR 25,365 (WD); Highest bid: IDR 24,750-MM 

- Lampung: IDR 25,144 (WD); Highest bid: IDR 23,750-IKIN 

 (T2)