Palm | Kelapa Sawit

“Shortish” were squeezed amid stronger palm oil futures after the “bull” refused to give up and continued to rally higher until it settled at triple digit gains. Benchmark Mar09 opened RM43 higher at 1880 tracking overnight NYMEX crude oil settled above $48 coupled with higher CBOT soy complex. It then fell to intra day low of 1840, fully recovered yesterday’s left over gap. But from that on, the “bull” resumed its journey again to climb all the way up without looking back. Aggressive short covering coupled with speculative buying pushed Benchmark mar09 to hit intra day high at 1981 in late trading before it finally settled RM143 higher at 1980.