Palm | Kelapa Sawit

The “bull” was still in control as it erased its earlier losses and continue to march forward steadily. Benchmark Oct09 was initially in a mix to easier mood as it hovered between 2402-2376 through out the morning sessions after opened RM8 lower at 2392. However, the emerge of short covering activities and some aggressive speculative buying led prices immediately gap up higher during second session opening and continue to rally strongly for the rest of the sessions. It hit intra day high of 2471 before ended RM65 higher at 2464. Positive external vege oil markets had also lend tremendous support to the BMD as eCBOT soy oil gained almost 2% higher while Dalian palm ended with 1% higher. Daily volume increased significantly with a total of 23,676 contracts changed hands.