Palm | Kelapa Sawit

Palm oil futures recovered from yesterday’s losses on pre-weekend covering. Benchmark Dec09 initially hit intra day low of 2106 after opened RM6 lower at 2109 but then started to climb steadily through out most of the sessions. The last wave of aggressive short-covering activities emerged in late trading led CPO prices to shoot up to intra day high of 2187 before it settled RM71 higher at 2186. Market was actually in a technical rebound mode today as it had been temporary oversold in yesterday sold-down. Trading volume was low with only 12,190 contracts changed hands as traders waiting for fresh leads from the Global Vege Oil Conference held this weekend at India. Meanwhile, Dalian market will be off next week for China’s Holiday.