PT Kharisma Pemasaran Bersama Nusantara, which sells palm oil from Indonesia’s state plantations, withdrew the 11,500 tons it offered at an auction in Jakarta today.
The company received the highest bids from PT SMART at 8,918 rupiah a kilogram ($970 a ton) for delivery from Belawan port, the company said in a faxed statement. That’s less than the target price of 9,125 rupiah a kilogram.
Indonesia is the world’s largest producer of palm oil.
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