Palm | Kelapa Sawit

CPO futures ended off the high after hitting 2648 level but remained in positive territory. Profit taking activities initially took place in the morning trade as Benchmark July09 hovering at a lower level between 2565-2535 through out the morning session. However, buyers became aggressive in the second session when prices suddenly shoot up sharply and broke above 2600 level. It then surged to the intra day high of 2648 before it finally slid again to settle RM5 higher at 2585. Market talk that the next export data for the period of 1-25April may hit 970k tones had further enhanced speculative buying in BMD. Traders’ beliefs that palm oil stocks continue to be at lower level relative to demand still stood firm.