PT Kharisma Pemasaran Bersama Nusantara, which auctions palm oil from Indonesia’s state plantations, failed to sell 16,000 metric tons it offered in Jakarta today.
The company received the highest bids from PT Multimas Nabati Asahan and PT Wilmar Nabati Indonesia at 8,200 rupiah a kilogram ($886 a ton) for delivery from Belawan and Dumai port in Sumatera, the company said in a faxed statement. That’s less than the target price of 8,214 rupiah a kilogram.
Indonesia is the world’s largest producer of palm oil.
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