Palm | Kelapa Sawit

CPO futures came off low to end in a positive territory after recovered from its early losses. Benchmark Feb09 initially opened RM54 lower at 1408 and hit intra day low at 1396, following overnight NYMEX crude oil ended below $44 coupled with easier CBOT. However, CPO prices managed to climb back slowly through out the morning session amid firmer crude oil prices in Asian time zone. As market will be closed on next Monday, pre-weekend short covering activities began to capitalize on the market. Benchmark Feb09 continued to rally until it finally settled at the intra day high of 1499. Traders are also waiting for fresh leads of official supply & demand data for the month of November08 which is due to be released by Malaysia Palm Oil Board on 10/12/08.