Palm Oil Shares Up On Palm Oil Rally

Singapore palm plays heading higher as rise in crude palm oil (CPO) prices boosts sentiment; Wilmar (F34.SG) +1.0% at S$5.19, Indofood Agri (5JS.SG) +1.3% at S$2.34, Golden Agri (E5H.SG) +1.0% at S$1.03, First Resources (EB5.SG) +0.9% at S$1.17. All faring better than wider market, FTSE ST All Share +0.4%. Mood likely lifted by strength in CPO prices; CPO futures on Malaysia''s derivatives exchange set new 10-week high today, tracking strong crude oil, soybean prices. DBS Vickers tips Singapore palm plays to continue to perform well amid wider market weakness, says preferred pick is First Resources, says a rise above $1.26 should see stock heading for S$1.40 followed possibly by S$1.55. But Singapore palm stocks seeing thin traded volumes today, with overbought signals from technical indicators, suggests scope for further near-term upside fairly limited.