Palm | Kelapa Sawit

FCPO ended easier amid cautious trading ahead of pre-weekend. Benchmark Jan09 initially opened RM60 lower at 1500 tracking overnight NYMEX crude oil lower closed after weak US 3rd quarter economic data released. However, Jan09 prices managed to recover after private cargo surveyor ITS released a stronger October export figures up 9.6% from last month. It then closed at 1529 for the lunch break. Afternoon session it resumed with easier tone due to Bank Of Japan announced a lower than expected cut in interest rate of merely 0.2%, this caused regional equity market to fall, which had spill over to local commodities market. Benchmark Jan09 opened at 1511 in the afternoon session, and trade in the range between 1498 and day high of 1539, before it settled at 1415. The statement made by Mr. Mistry who said that palm oil might go to 1200 level also provided some liquidation activities.