“Despite heavy stocks, the price moved in upward momentum and this is good for us,” said a senior palm oil trader.

November 2011 rose RM55 to RM3,120 a tonne while December 2011 added RM92 to RM3,136 a tonne.
January 2012 gained RM85 to RM3,119 while February 2012 added RM81 to RM3,123.

Trading volume surged to 31,923 lots from Wednesday’s 23,485 while open interest stood at 134,219 contracts from 133,801 previously.

On the physical market, November South jumped to RM3,150 against RM3,065 previously.