Palm | Kelapa Sawit

Palm oil futures recovered from yesterday’s losses to end broadly higher following strong overnight CBOT soy oil and NYMEX crude oil. Generally market was in recovery mode as players believed that there are some nearby tightness in underlying cash market. Speculative buying were also taking advantage of Jun09 contract which soon to become 3rd month contract on Monday which is trading on a good discount to current 3rd month May09 contract. Benchmark May09 climbed from intra day low of 1931 to 1983 in late afternoon session before it finally settled RM52 higher at 1972. 4th contract month Jun09 settled RM50 higher at 1930 after trading between 1895 to 1947.