Palm | Kelapa Sawit

CPO futures ended higher but off the high on late intra-day profit taking. Benchmark Jun09 initially opened almost unchanged at 2300 but immediately broke this psychological resistance level as prices rallied and trade steadily through out most of the sessions. It surged to intra day high of 2385 in late afternoon session before some profit taking activities emerged and suppressed prices. This sent Benchmark Jun09 eased off and ended RM36 higher at 2335. External vege oil market were supportive today as eCBOT soy oil edged higher while Dalian palm had been traded at limit up prices through out the day. The near term outlook for local CPO market remained bullish as traders were confident that palm oil stocks may continue to fall further in the coming month.