Indonesian palm oil prices extended gains on Monday because of thin supplies and increasing demand, traders said. At an auction at the state marketing centre in Jakarta, which sells palm oil from state plantations, crude palm oil climbed to 6,823 rupiah ($0.751) a kilogram from 6,757 rupiah on Friday.
Slim supplies and a lack of news muted trading interest in North Sumatra's Medan, where there was no local auction. "Local crude palm oil supply is tight but demand is rising.
Traders are also waiting and seeing the future of the palm oil market," said a trader in Medan, the main port for palm oil export. Cooking oil prices in Jakarta rose to 7,150-7,175 rupiah a kilogram from 7,025 rupiah on Friday.
"Gains in Malaysia and soyaoil in Chicago pushed up Indonesia's cooking oil price," said a trader in Jakarta. Palm oil track soyaoil prices as the two commodities are used in production of a range of goods from food to alternative energy. Sellers offered crude palm for July-August and September shipment at $662.5 a tonne but buyers did not bid.
Comments
Comments are closed.