Palm | Kelapa Sawit

The “bull” was still alive and powerful enough to finish off CPO futures at above 1800. Traders were initially cautious in early trading. Benchmark Mar09 hit the intra day low of 1738 after opened RM5 higher at 1745. It then surged to the morning high of 1795 but was immediately pressed down following Asian time crude oil softens slightly from the high of $48 level. Nevertheless, it was well supported and managed to stay afloat at 1780 before lunch break. The “bull” began to extend it’s muscles in the second session and CPO prices started to climb until the psychological resistance level of 1800 level was broken easily. Benchmark Mar09 continued to rise through out the session and hit the intra day high of 1846 in the late trading before it finally settled RM97 higher at 1837. Daily volume increased tremendously with 15,018 contracts changed hands.