InfoSAWIT, JAKARTA – The price of crude palm oil (CPO) at PT Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom increased by 1.34% on Tuesday (Nov 26, 2024), reaching IDR 15,165/kg. This marks a rise of IDR 201/kg compared to Monday’s (Nov 25, 2024) price of IDR 14,964/kg.
According to KPBN data, the Franco Belawan & Dumai price was set at IDR 15,165/kg, while the Teluk Bayur price stood at IDR 15,035/kg, and Talang Duku’s price reached IDR 14,965/kg.
Meanwhile, palm oil futures on the Malaysia Derivatives Exchange rose for the second consecutive session on Tuesday. This was driven by stronger soybean oil prices and expectations of lower production in Malaysia.
The benchmark palm oil contract for February 2025 delivery rose by MYR 35 per ton, or approximately 0.74%, closing at MYR 4,734 (USD 1,062.63) per metric ton.
David Ng, a private trader with Kuala Lumpur-based Iceberg X Sdn Bhd, noted that the palm oil market is reacting positively to stronger soybean oil prices.
"Palm oil has faced significant selling pressure recently. Considering anticipated weaker production in Malaysia and positive sentiment in the soybean oil market, traders are looking for catalysts to push prices higher," Ng stated.
On the Dalian Commodity Exchange, the most active soybean oil contract fell by 0.05%, while palm oil prices gained 1.48%. Meanwhile, soybean oil prices on the Chicago Board of Trade surged by 3.07%.
KPBN Tender Results
Here are the detailed tender results for Tuesday (Nov 26, 2024), excluding VAT (in IDR/kg):
CPO:
- Franco Belawan & Dumai: 15,165 (MM, IBP)
- Teluk Bayur: 15,035 (WIRA)
- Talang Duku: 14,965 (MM)
CPKO:
- Belawan: 25,210 (MM)
- Lampung: 24,886 (WD) (highest offer: 24,210 - IKIN)
- Palembang: 24,743 (IKIN)
The strengthening of global palm oil prices, coupled with domestic price hikes, signals a positive trend in the palm oil market as year-end demand rises.
(T2)
