Palm | Kelapa Sawit

CPO futures continued its yesterday’s rally and ended sharply higher across the board. The break out of the ascending triangle yesterday had attracted both aggressive short covering and speculative buying. This sent Benchmark Jun09 to hit the high at 2175 in the afternoon session before it settled RM89 higher at 2159. Daily volume remained heavy with 26,826 contracts changed hands. Global commodity market had been very supportive since the early trading. eCBOT soy oil rose more than 2% while Dalian palm ended higher. Asian time NYMEX crude oil also rebounded sharply from overnight’s losses to above $50 level again. On the other side, the strong regional equity market had also contributed a lot to the bullish sentiment in our local CPO market.