Palm | Kelapa Sawit

Positive external factors led CPO futures to end generally higher. Higher soy prices in eCBOT couple with steady Dalian palm had contributed some supportive tone for today’s market. Initially it hit the intra day low at 1836 after opened RM20 higher at 1855. Thereafter, Benchmark may09 started to trade steadily through out most of the sessions. It hit intra day high of 1892 in the afternoon session before it hovered between 1885-1860 level and later settled RM45 higher at 1880. Generally, the “bull” was in upper hand today due to lack of aggressive selling. With last week good export numbers, market players believe that February inventory are likely to drawn down due to expecting lower production. The strong rebound in regional equity market also provided some friendly sentiment to CPO market.