Palm | Kelapa Sawit

Late short-covering activities led CPO futures to end higher. Market was under selling pressure through out most of the session which tracking weaker eCBOT and Dalian palm & soy oil futures. Benchmark Oct09 prices slid to hit 2063 in the afternoon session and hovering between 2070-2080 level. Bargain hunting buying coupled with pre-weekend covering activities emerged in late trading sent prices in recovery mood and rebounding to 2134 before it settled RM22 higher at 2122. Talks that 1-25July export at 1.12-1.15 million tones which is higher compare to 1.01 million tones (ITS) & 983k tones (SGS) 1-25 June08. This also provided some support.