Palm | Kelapa Sawit

The “bull” fiercely returned again as it touched 2000 level amid previous short sellers aggressively covered their position after got caught on squeeze. Benchmark Apr09 opened RM9 higher at 1937 and rallied all the way up through out the day, tracking the improving external factors as eCBOT soy oil and Dalian palm rose steadily after bouncing back from their overnight losses. The plan to protest by Argentine farmers and coupled with some weather concern had also prompted traders to speculate on the CPO prices. Technical buying also helped to push the market after 1900 level was defended well during the last couple of trading days. Benchmark Apr09 hit the intra day high at 2000 before it finally settled RM67 higher at 1995.