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Indonesia’s Kharisma Fails to Sell 13,000 Tons of Palm Oil

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Dec. 2 (Bloomberg) -- PT Kharisma Pemasaran Bersama Nusantara, which sells palm oil from Indonesia’s state plantations, failed to sell 13,000 metric tons of the edible commodity in an auction in Jakarta today due to low bids.

The company received highest bids from PT Victorindo Alam Lestari at 9,416 rupiah a kilogram ($1,044 a ton) for shipments from Dumai port on Riau province, below the target price of 9,473 rupiah, Kharisma said in a faxed statement.

Jakarta-based Kharisma sold 6,500 tons of palm oil in an auction yesterday at 9,367 rupiah a kilogram for Dumai and Belawan ports deliveries.

Indonesia is the largest producer of the commodity.

To contact the reporter on this story: Yoga Rusmana in Jakarta at yrusmana@bloomberg.net

To contact the editor responsible for this story: Greg Ahlstrand at gahlstrand@bloomberg.net