Palm | Kelapa Sawit

Palm oil futures ended broadly higher after trading in a roller-coaster manner. Benchmark Feb09 initially open Rm12 higher at 1511 following overnight NYMEX crude oil and CBOT soy complex rallied higher. It then climbed to 1559 in the morning session, before it closed at 1527 for the lunch break. Afternoon session it resumed trading with easier tone and slide to hit intra day low at 1487 as lack of follow through buying coupled with profit taking after earlier rally. Nevertheless, bargain hunting activities began to take place when traders reacted to market talk that 1-10Dec export figures (which is due to be released tomorrow) will be good, saw Benchmark Feb09 recovered its earlier losses and surged to hit the intra day high at 1567 before it finally settled RM53 higher at 1555. Fears that heavy rains and floods will hit production in the next couple of months also lifted the buying sentiment in the market.