JAKARTA, Nov 29, 2024 – Crude palm oil (CPO) prices at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom rose significantly, reaching IDR 15,548/kg on Friday (Nov 29, 2024). This marked a 1.99% increase or an additional IDR 303/kg compared to Thursday's price of IDR 15,245/kg.

According to KPBN data obtained by InfoSAWIT, the Franco Dumai price was set at IDR 15,548/kg, Talang Duku at IDR 15,384/kg, and Teluk Bayur at IDR 15,454/kg.

For the week ending November 22, 2024, the average weekly CPO price at KPBN increased by IDR 122.90/kg, reaching IDR 15,230.50/kg. This was a 0.81% rise compared to the previous week's average price of IDR 15,107.60/kg.

Palm kernel oil (CPKO) prices in Lampung opened at IDR 25,033/kg but were withdrawn (WD) with the highest bid at IDR 24,300/kg.

On the international stage, Reuters reported that Malaysian palm oil futures continued their rally for the fifth consecutive session on Friday, bolstered by concerns over supply disruptions due to heavy rainfall in Malaysia.

Benchmark palm oil futures (FCPOc3) for February 2025 delivery at the Bursa Malaysia Derivatives Exchange surged by MYR 121 per ton (2.48%), reaching MYR 5,006 (USD 1,128.24) per metric ton at midday.

So far, the contract has risen by 5.23% for the week, reversing declines seen in the past two weeks. This upward trend aligns with data from the Malaysian Palm Oil Board (MPOB), which showed a 6.32% decline in palm oil stockpiles in October 2024 to 1.88 million tons, and a 1.35% decrease in crude palm oil production, down to 1.80 million tons.

Global Market Trends

• The most active Dalian soyoil contract (DBYcv1) rose by 2.06%.
• Dalian palm oil futures (DCPcv1) climbed by 2.75%.
• The Chicago Board of Trade was closed for Thanksgiving, leaving U.S. markets inactive.

Tender Results at KPBN (Excl. VAT, IDR/Kg)

CPO:

• Franco Dumai: IDR 15,584 (IBP)
• Talang Duku: IDR 15,384 (MM)
• Teluk Bayur: IDR 15,454 (WIRA)

CPKO:

• Lampung: IDR 25,033 (WD), highest bid: IDR 24,300 (IKIN).

This price hike reflects a positive market adjustment amidst ongoing challenges in production and international trade dynamics, further supporting the global demand for palm oil. (T2)