InfoSAWIT, JAKARTA – The price of crude palm oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was set at IDR 14,919/kg on Wednesday (December 18, 2024), marking a decrease of 1.85% or approximately IDR 281/kg compared to the highest offer price on Tuesday (December 17, 2024), which reached IDR 15,200/kg.

According to information obtained by InfoSAWIT from KPBN, the CPO price in Dumai was set at IDR 14,919/kg, while the price in Teluk Bayur was set at IDR 14,789/kg.

Meanwhile, as reported by Reuters, the futures contract price of palm oil on the Malaysian Exchange fell on Wednesday (December 18, 2024), for the fourth consecutive session, weighed down by declining prices of other vegetable oils.

The benchmark palm oil contract for March 2025 delivery on the Bursa Malaysia Derivatives Exchange dropped by RM 137 per ton or approximately 2.9%, to RM 4,588 (USD 1,027.32) per metric ton at midday.

The market was pressured by selling of soybean oil futures in Chicago the previous night and during the Asian trading hours on Wednesday, said Anilkumar Bagani, Head of Commodity Research at Sunvin Group based in Mumbai.

Furthermore, Malaysia's palm oil export performance in the first half of December was shaky as destination markets like India and China were unwilling to purchase palm oil due to significantly high premiums compared to other vegetable oils, particularly soybean oil, according to Anilkumar.

The most active soybean oil contract in Dalian fell by 3.2%, while the palm oil contract dropped by 1.8%. Soybean oil prices on the Chicago Board of Trade decreased by 2.41%.

Here are the details of the KPBN Tender Results (IDR/kg), Excluding VAT for the period of Wednesday (December 18, 2024):

CPO_____

Franco Dumai: IDR 14,919-AGM

Teluk Bayur: IDR 14,789-WNI

(T2)