Palm | Kelapa Sawit

CPO futures surged higher in late trading amid market talk on good export data. Benchmark Mar09 initially opened RM9 higher at 1539 tracking some slight rebound of Asian time crude oil in the early trade after it fell overnight. It hit the morning high of 1561 but was dragged down again due to lack of follow through buying activities and thereafter trading in a range between 1555-1535 through out the morning session. Nevertheless, market sentiment slightly improved after second session resume trading as Benchmark Mar09 was well supported above 1545 level. It started to climb slowly in the last hour of trading to hit intra day high of 1564 before it finally settled RM29 higher at 1559. Rumors that 1-25 Dec export figures, which are due to release tomorrow, may achieve 1.35 million tonnes had also provided some supportive sentiment in the market.