Palm | Kelapa Sawit

Palm oil futures extended its gain in its 4th day rally on the back of steady rival soy oil and NYMEX crude oil. Benchmark Feb09 encountered some slight profit taking activities and slip to the intra day low of 1580 after opened almost unchanged at 1597. However, bulls unwillingly to surrender saw prices bounced back strongly and broke the 1600 psychological resistant level easily. Asian time NYMEX crude oil holding steadily after rising overnight coupled with higher eCBOT and Dalian palm also lifted the buying sentiment in the market. Benchmark Feb09 hit the intra day high of 1658 after hovering between 1650-1630 level before it finally settled RM49 higher at 1644. Market tone remained positive.