Indonesian palm oil prices were mixed on Monday, as choppy trading in the neighbouring Malaysian market sapped interest. In Jakarta, the state marketing centre sold crude palm oil at 7,116 rupiah ($0.787) a kilogram, up from 7,063 rupiah a kilogram on Thursday as refiners sought fresh supplies to refill stocks.
The centre, which sells palm oil from state plantations, failed to sell 3,500 tonnes of crude palm oil offered in an auction on Friday. There was no auction in North Sumatra's Medan, the main port for palm oil exports. "There aren't any buyers nor sellers today because the market has been up and down since," said a trader in Medan.
"Buyers are not confident buying while sellers are reluctant to sell although they have plenty stocks. If the market comes down for three of four days, sellers may return," he said. Malaysian crude palm oil futures fell 1.5 percent on Monday on losses in rival soyabean oil and weakening export data after rising to a one-month high on Friday.
The benchmark October contract fell 38 ringgit to 2,545 ringgit ($739) a tonne on Monday. In Jakarta, cooking oil prices were quoted unchanged from Friday between 7,590-7,600 rupiah a kilograms. "There are no deals at those prices. The market is quiet because of losses in Malaysia," said a trader in Jakarta.
In the export market, crude palm oil for August shipment was offered at $770, frees on board Begawan. Buyers bid at $762.5 a tonne with no deals were reported.