Astra Agro Fails to Sell 9,000 Tons of Palm Oil in Auction

PT Astra Agro Lestari, Indonesia’s biggest listed plantation company by market value, failed to sell 9,000 tons of palm oil it offered at an auction today in Jakarta.

The unit of PT Astra International offered palm oil at target prices of 8,270 rupiah a kilogram, 8,370 rupiah, 8,440 rupiah and 8,570 rupiah, Astra Agro said in a tender result posted on its website. Buyers bid at 8,154 rupiah a kilogram, 8,250 rupiah, 8,356 rupiah and 8,506 rupiah, the company said in the statement.

Indonesia is the world’s largest producer of the commodity.

To contact the reporter on this story: Eko Listiyorini in Jakarta at elistiyorini@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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