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Indonesian crude palm oil softened on Thursday, taking its cue from an easing Malaysian market and slow demand. The state marketing centre in Jakarta sold crude palm oil at 9,225 rupiah ($1) per kg, down from 9,243 rupiah on Wednesday.
In North Sumatra's Medan, producers sold crude palm oil at 9,040 rupiah a kg, down from 9,190 rupiah a day earlier. "Demand is a bit slow due to the higher export tax, especially from refiners who export their products. Also, losses in Malaysia dragged down local prices," said a dealer in a plantation firm in Medan where the Belawan port, the main port for palm oil exports, is located.
Malaysian crude palm oil futures slipped on Thursday as investors took profit after this week's strong gains. The benchmark June contract ended down 60 ringgit to 3,640 ringgit ($1,135) a tonne after falling to as low as 3,555 ringgit a tonne. But the price of refined, bleached, deodorised (RBD) palm olein - used as cooking oil - was unchanged at 9,900 rupiah a kg from Wednesday.
A cooking oil trader in Jakarta said buyers were waiting for the price to fall further as the higher export tax could discourage crude palm oil exports, leading to enough supply at home.
On the export front, sellers did not make any offers, but buyers wanted to buy May shipment at $1,135 a tonne, free on board Belawan. For July to September shipments, sellers offered crude palm oil at $1,175 a tonne. Buyers did not bid for the shipments.

Copyright Reuters, 2008

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