KUALA LUMPUR, Nov 25: Malaysian palm oil rose on Friday after players moved to cover shorts with Chicago markets closed due to a holiday in the United States.

The third-month crude palm oil contract on Bursa Malaysia Derivatives, February, closed up 7 ringgit at 1,419 ringgit ($375.45) a ton.

Overall volume stood at 3,905 lots of 25 tons each, double Thursday morning’s tally of 1,947 lots. The market can easily surpass 6,000 lots on a busy day.

November shipments of palm oil are thin due to long holidays.

Dealers said the closure of the Chicago Board of Trade on Thursday for the US Thanksgiving holiday had also deprived the palm oil market in Kuala Lumpur of important leads from soyoil.

In physical dealings of crude palm oil, the November contract saw buyers/sellers at 1,420/1,425 ringgit a ton in the southern and central regions of Malaysia. Bids/offers closed at 1,410/1,415 on Thursday.

Trades were reported at 1,415-1,420 ringgit.—Reuters