Palm | Kelapa Sawit

CPO futures prices ended lower in a choppy and volatile trading session. Overnight CBOT soyoil was limit down coupled with NYMEX crude oil plunged more than 10 percent after the U.S. House of Representatives failed to pass the proposed USD 700 billion bailout package for the troubled financial sector. This had added pressure to the local front. Benchmark Dec08 gapped down RM 96 at 2029 after the opening bell and sank to the fresh low at 1988. However, short covering interest ahead of Hari Raya Puasa (BMD closed on 1-2 Oct, 2008) saw prices recovered above 2000 mark and slowly rebouned to hit the day high at 2119 before settling RM 35 lower at 2090. Total daily volume stood at 20,233 contracts changed hands.