Singapore-based Palm Oil Analytics’ owner and co-founder Dr Sathia Varqa said the Festival of Lights, to be celebrated on Nov 14, would boost Indian demand for the golden crop in the near term.
"Traders also anticipate weaker production due to the rainy season which could contribute to the reduction of stockpiles in the country.
"Furthermore, they would also be waiting for the Malaysia Palm Oil Board’s (MPOB) report to be released on Monday,” he told Bernama.
On a Friday-to-Friday basis, the CPO futures contract for October 2020 rose RM174 to RM3,020 per tonne, November 2020 jumped RM201 to RM2,967 per tonne, December 2020 strengthened RM203 to RM2,911 per tonne, and January 2021 climbed RM191 to RM2,865 per tonne.
Weekly volume down to 241,460 lots from 318,816 lots in the previous week, while open interest surged to 258,490 contracts from 245,116 contracts.
On the physical market, October South stood at RM3,010 per tonne. - Bernama
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