JAKARTA (Yosefardi) – Plantation shares opened mostly lower ground in the region this morning even though crude palm oil (CPO) advanced in the futures market.
CPO for the benchmark September 2013 delivery advanced RM5 to RM2393 per ton, while October and November contracts inched up to RM2384 and RM2380 per ton respectively.
Shares of plantation companies, however, lost further ground. In Singapore, Wilmar International and Golden Agri-Resources down 1.6% and 1.8% respectively, while First Resources slips 0.3%.
In Jakarta, Sampoerna Agro, Salim Ivomas, and BW Plantation dropped more than 4% each, while Bakrie Sumatra almost touched the lowest quotable price of Rp50. Astra Agro Lestari, the largest CPO producer on IDX, also opened lower by 2.2%.