Palm | Kelapa Sawit

Market ended in a positive territory after trading in a mix tone. Benchmark May09 rallied to hit intra day high at 1923 in the early trading after opened almost unchanged at 1904, tracking the overnight positive closed of CBOT soy complex and the strong rally in NYMEX crude oil. However, CPO prices then eased off to intra day low of 1890 due to lack of follow through buying activities and thereafter hovering in that range for the rest of the day until it finally settled RM4 higher at 1906. Steady underlying physical prices had underpinned CPO market today. Generally, the overall market was still remained in the broad range between 1800-1950 level. Players were still cautiously awaiting for new direction ahead of the upcoming Price Outlook Conference which will be held in Kuala Lumpur next week (10-12 Mar).