Palm | Kelapa Sawit

CPO futures finished generally higher on strong export figures. Benchmark May09 opened RM19 higher at 1890 following overnight gains in CBOT soy oil after the farmer strike in Argentina and also the rally of crude oil. It almost covered its yesterday’s left over gap, when it then fell to intra day low of 1881. However, FCPO prices were quick to rebound and started to climb steadily through out the day. eCBOT soy complex edged higher in Asian time trading and Dalian palm also ended higher. Private cargo surveyor ITS recorded a 5% increase of 1-25 Feb export data, while SGS posted a slight decrease. With these numbers, traders were still firm on FCPO market as they believe that palm oil stocks level will still remained low due to lower production. Benchmark may09finally settled RM23 higher at 1894 after it hit intra day high of 1912 in the afternoon session.