Palm | Kelapa Sawit

Palm oil futures ended broadly higher in late trading. Benchmark Mar09 initially hit the morning high of 1583 after opened RM16 higher at 1561 following overnight strong closing in CBOT. However, lack of follow through buying activities saw CPO prices to ease off and began to trade in a range between 1575-1555 level through out the day. Slight selling off activities seen in early 2nd session sent Benchmark Mar09 to hit intra day low at 1548 but was well supported and immediately pulled back into the range. Statement by Oil World analyst that said palm oil prices are likely to rise in coming months had helped to provide some buying support in the market. Late intra day covering and speculative buys ahead of OPEC meeting today saw prices climbed and hit intra day high at 1586 before it settled RM35 higher at 1580. Total daily volume was moderate with 6905 contracts changed hands.