Palm | Kelapa Sawit

CPO futures recouped most of its early losses to end slightly lower. Benchmark Feb09 initially open RM67 lower at 1401 and slid down to hit the intra day low of 1386, tracking overnight NYMEX crude oil which traded below USD 50 level, while Dalian palm also traded at limit down price in early trading. However, CPO futures prices were still well supported following spill over buying interest from the recovery of regional equity market. Buyers started their bargain activities to take advantage of low prices and it gradually climbed up through out the session. The rebound of NYMEX crude oil traded in Asian time which climbed back above USD 50 level had further underpinned the market sentiment. Benchmark Feb09 continued to rebound and hit the intra day high of 1471 before it settled at 1460 down RM8.