Palm | Kelapa Sawit

Palm oil futures recovered slightly from yesterday’s losses to end higher on positive external markets. Benchmark Sep09 initially fell to intra day low of 2220 after opened RM20 higher at 2250, but then immediately bounced back again and climbed steadily through out most of the sessions. It hit intra day high at 2275 in the afternoon session and ended RM29 higher at 2259. The bullish external market had lent strong support to the FCPO market today. Both Asian time NYMEX crude oil and eCBOT soy oil rebounded strongly from their overnight losses while Dalian palm also edged higher. This prompted short covering activities and helped to lift up FCPO prices after its previous 3 days of straight losses.