InfoSAWIT, JAKARTA – The crude palm oil (CPO) price at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom Withdraw (WD) recorded its highest bid at IDR 14,813/kg on Friday (22/11/2024), marking a slight decline of 0.11% or approximately IDR 17/kg from the previous day’s highest bid of IDR 14,830/kg on Thursday (21/11/2024).
According to information received by InfoSAWIT from KPBN, the Franco Dumai price was set at IDR 14,813/kg, while the price in Talang Duku was recorded at IDR 14,613/kg.
Based on calculations by InfoSAWIT, the average weekly CPO price at KPBN during the period of November 18-22, 2024, dropped by IDR 349.40/kg to IDR 15,107.60/kg, reflecting a 2.26% decline compared to the previous week’s average price (November 11-15, 2024) of IDR 15,457.00/kg.
Meanwhile, according to Reuters, Malaysian palm oil futures prices fell on Friday (22/11/2024), marking the second consecutive weekly decline. The drop was attributed to weaker soybean prices and ongoing concerns about global demand.
The benchmark palm oil contract (FCPOc3) for February 2025 delivery on the Bursa Malaysia Derivatives Exchange fell by MYR 81 per ton, or 1.7%, to MYR 4,691 (US$ 1,050.62) per metric ton during the midday break.
Additionally, the most active Dalian soybean oil contract (DBYcv1) dropped by 1.2%, while the palm oil contract (DCPcv1) on the same exchange slipped 0.91%. Soybean oil prices on the Chicago Board of Trade (BOcv1) also declined by 0.14%.
KPBN Tender Results (IDR/kg, Excl. VAT) – Friday (22/11/2024):
CPO
- Franco Dumai: IDR 14,813-EUP
- Talang Duku: IDR 14,613-PRISCOLIN
CPKO
- Lampung: IDR 24,745 (WD), highest bid at IDR 23,860-IKIN
- Palembang: IDR 24,602 (WD), highest bid at IDR 24,260-IKIN
The continuous price fluctuations highlight the challenges faced by the palm oil industry due to external pressures, including volatile global market conditions and demand uncertainties. Industry stakeholders are closely monitoring these developments as they navigate the shifting landscape. (T2)
