KUALA LUMPUR, Sept 21: Malaysian crude palm oil futures closed 1.4 per cent higher on Friday, as strong festival demand and strengthening soyaoil prices boosted the market.

Traders said the market awaited comments from influential analyst Dorab Mistry, who is due to address an industry meeting in India over the weekend.

The most-active December contract on the Bursa Malaysia Derivatives Exchange ended up 37 ringgit, or 1.4 per cent, to 2,606 ringgit ($757) a ton.

Exports have performed wonderfully for the past few weeks and players are in high spirits because of this said a leading trader.

And palm oil is bound to go higher as it needs to keep up with soyaoil’s increase.

The market is buoyant today because many anticipate some bullish comments from Dorab Mistry. These players want to get in quickly before Friday is over, said another trader.

Other traded months rose between 9 and 42 ringgit in overall trade of 12,653 lots of 25 tons each.

Exports of Malaysian palm oil products for Sept. 1-20 rose 21.8 per cent to 892,172 tons from 732,667 tons shipped between Aug. 1 and 20, cargo surveyor Intertek Testing Services said on Thursday.

Palm oil, in high demand for making sweetmeats and other delicacies during the current festival season in Asia, is just 6 per cent off an historic high of 2,764 ringgit reached in June.

The move to cut duty on soybeans will not affect palm oil as it is still the cheapest edible oil, said a trader with a foreign brokerage.

The January contract moved higher to $761.50 a ton, with 12 contracts traded.

In the physical market, crude palm oil for September shipment in the southern region was quoted at 2,650/2,655 ringgit a ton. Trades were done between 2,630 and 2,650 ringgit.—Reuters