The Palm Scribe

Diwali celebration in India boosts CPO price

Kontan Harian, 18 October 2018

The benchmark palm oil contract for January 2019 delivery on Malaysia Derivatives Exchange was up 0.75% to 2,261 ringgit a metric ton on Wednesday (October 17). The price of crude palm oil (CPO) gained 0.08% in a week.

Garuda Berjangka Director Ibrahim said demand from India, which will celebrate the Diwali festival next month, also contributed to the CPO price strengthening. He expected a 10% CPO demand increase from India in November. He estimated CPO price to continue going up and range between 2,244 ringgit and 2,270 ringgit per metric ton today (October 18).

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