Such a combination suggests a strong bullish sentiment, which simply ruins the least chance of a deep correction. Wave pattern suggests a further extension of the uptrend.
The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange rose 51 ringgit, or 1.36%, to 3,790 ringgit ($917.23) a tonne by the midday break.
The recent rally in futures also supported the cash market prices to balloon and keep crude palm oil import margins in positive territory.