Palm Oil prices

KPB PTPN, joint marketing office of state-owned plantations, withdrawn all 10 packages of 9,000 tons of crude palm oil (CPO) auctioned today due to low bids. 

The bids were in the range of Rp5400 to Rp6086 per Kg. KPB PTPN closed the auction with price set in the range of Rp6020 to Rp6254 per Kg.

Separately, giant palm oil producer PT Astra Agro Lestari (AALI) Tbl also withdrawn eight packages of 10,250 tons of CPO auctioned today because bids were significantly below the ideal price. The bids were in the range of Rp5720 to Rp6076 per Kg, while AALI's ideal prices were in the range of Rp5925 to Rp6250 per Kg.

Meanwhile, CPO futures contracts in Malaysia Derivative Exchanges closed at RM1990 per ton for the benchmark September delivery, declined RM20 per ton from last week's closing. 

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