Palm | Kelapa Sawit

Palm oil extended its gains for the 3rd consecutive days. Benchmark Apr09 opened RM8 lower at 1837 and hit intra day low at 1812, following overnight NYMEX crude oil ended slightly lower. Nevertheless, it was well supported and bounced back thereafter to begin its rally through out the day. eCBOT soy oil continued its overnight gains and edged higher during Asian time trading. This had helped lifted the market sentiment in our local CPO prices. Benchmark Apr09 rallied to the intra day high of 1880 in the second session before it settled RM34 higher at 1879. While MPOB will release its January supply and demand data on next Wednesday, Reuters poll had reported that January palm oil stocks might decline by 6%.