Indonesian crude palm oil saw no deals reported on Friday, while olein prices rose amid slim supplies and high demand ahead of the Muslim fasting month of Ramazan.
Cooking oil in Jakarta prices were quoted at 8,200 rupiah ($0.884) a kilogram, slightly up from 8,175 rupiah a kilogram on Thursday. "Cooking oil supplies were tight since shipping of crude palm oil was hampered by high waves. Strong demand powered prices," said an olein trader in Jakarta.
Cooking oil producers have started to build stocks to meet rising demand for Ramazan that starts in the middle of September. The state marketing centre in Jakarta, which sells crude palm oil from state plantations, did not hold an auction on Friday.
There was no auction in North Sumatra's Medan as players waited for fresh leads. Malaysian crude palm oil futures fell on Friday in thin trade as concerns over swelling supplies continued to pressure prices.
The benchmarks October contract on the Bursar Malaysia Derivatives Exchange fell 18 ringgit to 2,584 ringgit ($746) a tonne. On the export market, crude palm oil for August shipment was unchanged at $800 a tonne from Thursday. Buyers bid at $782.5 a tonne without deals reported.
Crude palm oil for October until December shipments was unchanged at $760 a tonne on Thursday. Buyers bid at $745 per tonne. There were no deals reported.
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