Palm | Kelapa Sawit

Recovery in regional equity market coupled with crude oil also bouncing back to trade above USD80.00 per barrel prompted short covering and speculative buying activities led CPO futures to finish generally higher. Earlier, the market started with easier tone tracking limit down closed in soy complex in last Friday. However, prices begin to stabilise after bargain hunting buying interest at lower end. Recovery in regional equities market coupled with news that Malaysia will raise the CPO export quota to 3 million tonnes from 2 million currently helped to lift the market sentiment. Commodities Minister, Peter Chin also said plans to push on biodiesel mandate on 21st Oct 2008 had further underpinned the market. Benchmark Dec08 price was push to intra-day high at 1836 and settled RM62 higher at 1835.