Palm | Kelapa Sawit

Palm oil futures ended marginally higher after recouped from its earlier losses on strengthening external markets. New Benchmark Sep09 initially fell through out the morning session after opened almost unchanged, and then hit intra day low of 2358 before morning closed. However, CPO market began to gain back strength as external markets recovered strongly. Prices immediately gaped up to open at 2388 after second session resumed trading and continue to climb steadily until it hit intra day high of 2425, before it finally settled RM11 higher at 2400. eCBOT soy oil gained more than 2% in late Asian time trading while Dalian palm ended to inch higher. Asian time NYMEX crude oil also rebounded from its earlier losses to trade above $71 level. Meanwhile, short-covering activities also provided some support to the CPO prices.