Indonesian crude palm oil prices surged on Tuesday because of firm demand from local refiners and from India, gains in Malaysia and a weaker rupiah. At the state marketing centre in Jakarta, crude palm oil traded at 7,580 rupiah ($0.824), up from 7,519 rupiah a kg on Monday.
The centre sold all 3,000 tonnes of crude palm oil it offered at the auction, reflecting strong local demand. In North Sumatra's Medan, the leading port for crude palm oil exports, crude palm oil traded at 7,553 rupiah a kg, up 4.25 percent from 7,245 rupiah last on Wednesday.
There were no auctions in Medan on Monday and Friday. "Crude palm oil prices rose sharply, backed by strong demand from India, a weaker rupiah and gains in Malaysia," said a trader in Medan, adding 500 tonnes of crude palm oil were sold. The benchmark October contract on the Bursar Malaysia Derivatives Exchange was up 24 ringgit, or 0.9 percent, to 2,660 ringgit ($770) per tonne.
In Jakarta, cooking oil reached 8,150 rupiah a kilogram, surging 3.5 percent from 7,875 rupiah a kg on Monday. On the export market, crude palm oil for August shipment was offered at $805 a tonne, free on board Begawan, up 0.62 percent from $800 a tonne on Monday.
Buyers bid at $790 a tonne without any deals reported. Crude palm oil free on board Begawan for September shipment was offered at $795 a tonne, up $5 from $790 a tonne on Monday. Buyers did not make any bids. Shipments of crude palm oil for October to December were offered at $775 a tonne, up $10 from $765 a tonne on Monday. Buyers bid at $765 a tonne but no deals were reported.
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