Palm | Kelapa Sawit

Strong rebound in NYMEX crude oil coupled with limit-up closed in rival soyoil at CBOT drove CPO futures to end generally higher in an active trading session. Palm prices had been rebounding strongly tracking on good turn around in NYMEX crude oil prices. Last week it bounced from USD 90.42 a barrel to around USD 106 today. This had boosted the bull confidence and prompted aggressive short-covering as well as speculative buying. Technically, the market appears in bouncing mood after covered the gap between 2180 to 2240 last Friday. Now, targeting another gap between 2427-2451 which left over on 9/9/2008. Benchmark Dec 08 settled RM 85 higher at 2344 after trading between 2200 to 2367. Total daily volume remained good with 14,560 contracts changed hands.