Indonesian palm oil market saw little action on Friday, dampenedian market and a strengthening rupiah currency. There was no auction at the state marketing centre in Jakarta.
"We want to first look at the market next week so we didn't have an auction today," said an official at the centre, which sells palm oil from state plantations. Producers in North Sumatra's Medan also passed on any auctions.
"Malaysian palm oil futures haven't gained much and the rupiah is strengthening, so the market is not attractive today," said a trader in Medan, the key port for palm oil export. In Jakarta, cooking oil traded at 7,575 rupiah ($0.837) a kg, down from 7,635 rupiah a kg Thursday tracking losses in Malaysia the previous day.
Malaysian crude palm oil futures were little changed from Thursday, with the benchmark October contract only up 1 ringgit to 2,486 ringgit ($729.5) a tonne by midday Friday. But the contract ended up 21 ringgit at 2,506 ringgit a tonne on the day. On the export market, sellers offered crude palm oil for August shipment at $770 a tonne. Buyers bid at $755 a tonne without any deals reported.