TIGHT SUPPLY, STRONG DEMAND PUSH CPO HIGHER FOR 3RD DAY (SCREEN)

NURUL JANNAH KAMARUDDIN

KUALA LUMPUR, Nov 29 -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives retained its uptrend for the third consecutive day to end higher on Friday, mainly driven by sentiments of tight supply amid strong demand.

Singapore-based Palm Oil Analytics owner and co-founder Dr Sathia Varqa said the market was also tracking the gains on China’s Dalian Exchange after the United States’ market closed for Thanksgiving.

According to him, Dalian closed triple digit higher in palm olein’s first spot month and double digit higher for the rest of the months as well as against the soybean oil.

"Malaysia’s export for November declined 2.83 per cent compared with October, but this did not stop the futures from rising for three consecutive days, erasing the losses earlier in the week," he told Bernama.