Palm | Kelapa Sawit

Pre-weekend covering led CPO futures to end broadly higher. Rival soy oil prices rebounds in e-CBOT coupled with NYMEX crude oil trading in Asian time zone in steady tone also helped to lift the market sentiment. Benchmark Nov08 prices was held well in the morning session after it dived to hit fresh year low at 2275 yesterday. This also had prompted some technical covering interest on technically oversold market. Some weather play as well, report said that hurricane Ike moving to Texas had force refineries to shut down also provided some speculation element. Benchmark Nov08 settled RM41 higher at 2380 after trading between 2296 to 2392. Daily volume was good with 15,421 contracts changed hands.