Indonesian palm oil prices extended gains on Monday, lifted by local refiner's demands, traders said. At the state marketing centre in Jakarta, which sells palm oil from state plantations, crude palm oil was up at 4,556 rupiah ($0.499) a kg from 4,536 last on Friday.
"There was strong buying in the market that pushed the prices higher," a Jakarta trader said. However, there was no auction in North Sumatra's Medan, the main port for palm oil exports, as players retreated to the sidelines waiting for fresh leads from the European vegoils market.
"The market will be active on Tuesday if Malaysia can maintain its performance and after we receive clear direction from the European market," a Medan trader said.
The benchmark January contract on the Bursar Malaysia Derivatives was up 14 ringgit at 1,689 ringgit ($465) a tonne at the end of the session. The contract later closed higher at 1,694 ringgit a tonne in the evening.
In Jakarta, RBD palm olein was traded higher at 5,000 rupiah a kg compared with 4,930 on Friday. In the export market, November and December shipments were offered at $467.5 a tonne, and bids seen at $465. Sellers were offering January, February and March shipments at $475 a tonne and buyers bid at $470.
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