Palm | Kelapa Sawit

Palm oil futures ended with triple digit gains after rallied strongly on pre-long weekend covering. The released of end April export data which is within market expectation further enhanced traders’ belief that palm oil end stock for the month of April will likely to draw down further. Market sentiment was very bullish today as CPO market resumed from its weekly bull run after digesting the swine flu fears since the beginning of this week. Benchmark July09 opened RM31 higher at 2511 and rallied all the way up through out the day. It hit intra day high of 2618 before it finally ended RM115 higher at 2595. Bullish external markets coupled with pre-long weekend short covering had boosted the buying sentiment in local CPO market. Daily volume increased tremendously to 32,076 contracts changed hands.