Palm | Kelapa Sawit

The “bull” struggled and fought fiercely with the incoming “bear” by countering attack on last minute trading. Palm oil futures had forgone its earlier gains yet managed to recoup back its losses to finally end in a positive territory. Benchmark Mar09 initially hit intra day high of 2058 after gapped up RM44 at open, tracking the earlier limit up prices traded in Dalian palm. It then slid to 1973 but able to bounce back slightly to 2016 by mid day. However, market sentiment in second session immediately turned bearish following eCBOT soy complex began to fall while Dalian palm also started to ease off. CPO prices fell sharply to intra day low of 1868 before it hovered between 1915-1895 level through out the afternoon session. Nevertheless, the “bull” unexpectedly returned with a vengeance in late trading and sent Benchmark Mar09 to rebound again and settled RM5 higher at 1985. Daily volume was heavy with 25,653 contracts changed hands. (Highest volume was in June 2007 at 37,321 contracts)