Palm | Kelapa Sawit

CPO futures ended broadly higher on pre-weekend covering after last 2 days of weak close. Initially, Benchmark July09 slid to intra day low of 2322 on some follow through selling from yesterday’s weak closing. However, it then bounced back quickly as bargain hunting buying and aggressive short covering activities emerged. This saw Benchmark July09 prices broke 2400 easily in the morning session. It surged further to 2446 in the afternoon session and then hovering between 2440-2420 before it finally settled RM77 higher at 2435. Generally, the overall market was still supportive. Players were still chasing on supply tightness, as end stock were yet unable to build up in the coming months.