InfoSAWIT, JAKARTA - The price of crude palm oil (CPO) at PT. Kharisma Pemasaran Bersama Nusantara (KPBN) Inacom was withdrawn with the highest offer at IDR 14,088/kg on Monday (January 6, 2025), marking a 1.55% decrease or a drop of approximately IDR 222/kg compared to the highest CPO price on Friday (January 3, 2025), which reached IDR 14,310/kg.
According to information obtained by InfoSAWIT from KPBN, the price of CPO Franco Belawan opened at IDR 14,253/kg but was withdrawn (WD) with the highest offer at IDR 14,050/kg. The price of CPO Franco Dumai also opened at IDR 14,253/kg but was withdrawn (WD) with the highest offer at IDR 14,088/kg.
Meanwhile, as reported by Reuters, the price of palm oil futures contracts on the Malaysian Exchange fell on Monday (January 6, 2025), weighed down by sluggish demand from major markets, particularly India.
The benchmark palm oil contract FCPOc3 for March 2025 delivery on the Malaysian Derivatives Exchange fell by RM 30 per ton or approximately 0.69%, to RM 4,338 (USD 961.86) per metric ton at midday. The palm oil contract price had risen by 0.81% in the previous session.
According to cargo surveyor Intertek Testing Services and independent inspection company AmSpec Agri Malaysia, Malaysia's palm oil product exports for December fell between 2.5% and 7.8%.
India's palm oil imports in December plummeted to a nine-month low as rising prices reached a 2.5-year high prompted refiners to increase purchases of discounted soybean oil as a substitute, traders reported last Friday, as cited by Reuters.
The most active soybean oil contract in Dalian DBYcv1 fell by 1.17%, while the palm oil contract DCPcv1 rose by 0.99%. The soybean oil price on the Chicago Board of Trade BOcv1 increased by 0.28%.
Here are the details of the KPBN Tender Results (IDR/kg), Excld VAT for the period of Monday (January 6, 2025):
CPO_____
Belawan IDR 14,253 (WD). Highest offer IDR 14,050-BEST, MNA
Dumai IDR 14,253 (WD). Highest offer IDR 14,088-AGM.
Teluk Bayur IDR 14,123 (WD). Highest offer IDR 13,915-WNI
Talang Duku IDR 14,053 (WD). Highest offer IDR 13,888-AGM
Palembang IDR 14,103 (WD). Highest offer IDR 13,685-SAP
(T2)