JAKARTA, May 23: Indonesian palm oil prices rose on Friday, gaining support from firmer Malaysian crude palm oil futures, but investors were cautious ahead of a plan by Jakarta to raise subsidised fuel prices.

Crude palm oil at the state marketing centre in Jakarta was traded at 10,153 rupiah ($1.09), up from 10,114 rupiah on Thursday.

In North Sumatra’s Medan, home to Belawan port -- the key port for palm oil exports -- producers sold crude palm oil at 10,100 rupiah a kg, up from 10,060 rupiah a kg on Thursday, with 500 tons changing hands.

Malaysian crude palm oil started gaining after the midday break so it helped lift our local prices, said a dealer at a plantation firm in Medan.

The dealer said the market shrugged off price forecasts by influential analyst Dorab Mistry at a conference in Jakarta, but showed caution ahead of expected details later on Friday of government plans to raise fuel prices.

Jakarta is hosting a four-day-palm oil summit, featuring top industry analysts including Mistry of Indian’s Godrej, whose comments often move markets.

Mistry said Malaysian crude palm oil prices may rise to between 3,800 and 4,000 ringgit per ton by the end of June on rising demand amid a possible slowdown in production.

Malaysian crude palm oil futures were higher, with the benchmark August contract on the Bursa Malaysia Derivatives Exchange up 44 ringgit at 3,654 ringgit per ton.

Despite gains in local crude palm oil market, the price of refined, bleached, deodorised (RBD) palm olein, used as cooking oil, eased to 10,275 rupiah a kg, from 10,300 rupiah a kg on Thursday.—Reuters