Palm | Kelapa Sawit

Palm oil futures ended in positive territory after a lackluster trading day. Benchmark Apr09 opened RM17 higher at 1850 tracking a higher overnight NYMEX crude oil and CBOT soy complex. It fell to 1838, fully covered its yesterday’s left over gap, but immediately bounced back again to hit the intra day high of 1872. It then began to hover between 1861-1843 level through out most of the sessions. Some profit taking activities appeared in late second session sent CPO prices to intra day low of 1833. Nevertheless, it was well supported and Benchmark Apr09 managed to push up into the earlier range before it finally settled RM26 higher at 1859. Trading volume was rather thin due to lack of fresh lead as eCBOT and Asian time crude oil closed. Tonight’s market (CBOT & NYMEX) will be closed for Martin Luther King’s holiday. Traders were also awaiting export data, which is due to be released tomorrow.