Palm | Kelapa Sawit

Financial turmoil continue to influence and pressure most of the commodities prices to tumble further. NYMEX crude oil prices(spot month) was traded as low as USD 81.80(lowest since Dec'2007) a barrel during Asian time zone. Soyoil in e-CBOT was down by 200 points. For palm oil, it just follow suit. Benchmark Dec08 price was slammed down to 1725 in the afternoon session before some pre-weekend short-covering activities emerge and rebounding to settle RM117 lower at 1773, total loss of RM223 compared to last Friday's settlement. Market sentiment remains bearish as 1-10 Oct export data reeased by both cargo surveyors ITS and SGS were down by 15.7% and 11.7% respectively. Official Sept08 supply and demand data released by MPOB during the lunch break shows mildly bearish which shows Sept production down marginal while end-month stocks rose 5.5.