Palm | Kelapa Sawit

CPO futures ended higher after trading in the fairly steady mode. Benchmark Feb09 hit 1599 after opened RM36 higher at 1591, due to the data released by private cargo surveyor ITS in the early morning which reported a nearly doubled export figures for the first 10 days of the month. It then slid to the intra day low of 1560 which fully recovered yesterday’s left over gap. However, CPO prices were well supported amid a steady crude oil prices in Asian time zone coupled with the gains in eCBOT soy complex and Dalian palm. The other cargo surveyor SGS that released its report in the afternoon also showed almost the same result. Benchmark Feb09 then traded in a range between 1565-1590 for most of the sessions before it hit the intra day high of 1605 in the late trading. Later, it settled RM40 higher at 1595. Speculative buying on fear of flood providing the support as well.