KUALA LUMPUR, Indonesia Today – Crude palm oil (CPO) retreated to almost below RM3000 per ton Thursday to follow broad market sentiment on commodities.
The benchmark September contracts dropped RM41 to RM3000 per ton after trading as low as RM2986 per ton on Bursa Malaysia Derivatives. October and November contracts also down RM36 and RM41 to RM3009 and RM3005 per ton respectively.
In Jakarta’s physical market, meanwhile, KPB Nusantara—joint marketing office of state plantations, withdrew most of CPO packages auctioned off Thursday due to low bids. KPB Nusantara only sold four out of 10 packages at Rp8075-8340 per Kg (VAT 10% included).
Plantation stocks closed mostly lower in Jakarta and Singapore. BW Plantation lost 2.7% in Jakarta, while JA Wattie dropped 4.23%. In Singapore, Golden Agri-Resources and Wilmar International lost 3.76% and 1.62% respectively.