Indonesian crude palm oil prices extended gains on Wednesday supported by strong local demand and tight supplies, traders said. At the state marketing centre's tender in Jakarta, which sells palm oil from state plantation, crude palm oil traded higher at 5,603 rupiah ($0.613) a kilogram, from 5,577 rupiah on Tuesday.
In North Sumatra's Medan, the main port for palm oil export, crude palm oil sold at 5,635 rupiah per kilogram, compared with 5,585 rupiah on Tuesday. "Thin supplies due to low production and good demand from local refineries continued to support prices higher," a Medan trader said.
The cooking oil market in Jakarta remained quiet with RBD palm olein unchanged at 6,000 rupiah per kilogram. On the export front, April to June shipments were offered at $567.5 a tonne, free on board Begawan and buyers bid at $565 without any deals reported.
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