Palm | Kelapa Sawit

Palm oil futures gained broadly higher, after surging for 4 consecutive days. Yesterday’s sharp gain in CPO price coupled with lower Asian time NYMEX crude oil had prompted some profit taking activities in the early trading. Benchmark Feb09 slid to intra day low of 1573 after opened RM17 lower at 1581. However, the celebration of overnight “bulls” party was still intact and saw buyer aggressively joining in. Benchmark Feb09 immediately bounce back strongly and climbed its way up through out the day without looking back. It hit the intra day high of 1666 in the later part of second session before it settled RM62 higher at 1660. The rally in regional equity market after China slashed its interest rates had also spilled over and enhanced the bullish sentiment in the market.