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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 price of 8,940 rupiah a kilogram, 9,015 rupiah, 9,075 rupiah and 9,200 rupiah, Astra Agro said in a faxed statement. Buyers bid at 8,728 rupiah a kilogram, 8,930 rupiah, 8,968 rupiah and 9,133 rupiah, the company said in the statement.

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

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