Palm | Kelapa Sawit

Bull was still fiercely in charge as CPO futures easily broke above 2700 level and almost tested 2800 mark. However, it later encountered some intra day profit taking activities and surrendered part of its earlier gains to end off high. Benchmark July09 initially gapped up RM95 higher to open at 2690 and immediately rallied strongly to the level above 2700, tracking last week’s CBOT soybean prices that surged to 7-month high. It then climbed to hit intra day high of 2798 in the second session before a wave of intra day profit taking activities arrived and sent Benchmark July09 to settle RM107 higher at 2702. Market sentiment was extremely bullish today due to the support from external factors. eCBOT soy oil had rose more than 3% higher during Asian time trading while Dalian palm locked at the limit up prices through out the day. Traders were also optimistically speculating for the upcoming MPOB supply & demand data which is scheduled to release next Monday. Daily volume hit the new recent high again with 36,748 contracts changed hands.