05/10/2007 (The International News), Jakarta - Indonesian palm oil prices edged up on Thursday, powered by a combination of gains in Malaysia and a weakening rupiah, while the olein market remained quiet ahead of Eid-ul-Fitr next week.

The state marketing centre in Jakarta sold crude palm oil at $7,300 rupiah ($0.799) a kilogramme, up from 7,258 rupiah on Wednesday.

The Indonesian rupiah kept to a narrow range near 9,140 per dollar, a quarter of a per cent weaker on the day. A weaker rupiah makes palm oil, which is traded in US dollars, more expensive in rupiah terms.

The cooking oil market stayed calm as Indonesia is anticipating the Eid-ul-Fitr holidays next week. Markets and government offices will close from Oct 12 to Oct 16.

In Jakarta, cooking oil was quoted at 7,250 rupiah, down 50 rupiah a kg from Wednesday. Last month, the government announced it would pay a 10 per cent value-added tax for non-branded cooking oil prices, widely used by low income families, but no details were available.

Soaring global crude palm oil prices have pushed cooking oil prices up by around 30 per cent since early this year. Prices have remained high despite efforts to discourage exports by imposing a higher export tax.