Palm | Kelapa Sawit

CPO futures tumble further to hit 10% limit down and limit extended to 15%. Speculative selling and hedge selling activities emerged on potential of piling up stocks and e-CBOT soyoil prices was trading at about 220 to 240 points down. While, NYMEX crude oil prices also tumbled to crack below USD 90.00 per barrel and trading around USD 89.50 per barrel in Asian time zone. Asian regional stocks market also in sliding mood which saw Hang Seng Index down by 800 plus points Tokyo N225 seen 465 points lower while Singapore FTS tumble 128 points. All this had painted a kind of gloomy sentiment. In local front players are concern over demand as year end approaching and resulting end stocks to build up. At close, benchmark Dec08 settled RM180 lower at 1820 after trading between 1880 to 1775.