Palm | Kelapa Sawit

Palm oil futures ended in a negative territory after giving up all of its earlier gains. Rising Asian time crude oil in the early trade which traded at around $1 higher, coupled with good export figures released by private cargo surveyor ITS which posted an increase by 39.3% saw Benchmark Feb09 to hit the intra day high of 1630 after opened RM44 higher at 1625. However, CPO prices unable to sustain and began to fall due to lack of follow through buying activities. Subsequent easing off of crude oil after 2nd session resumed trading had sent CPO prices to fall further below 1600 level and hit intra day low at 1570 despite the other private cargo surveyor SGS recorded almost the same result of export data. Benchmark Feb09 then hovered between 1575-1585 level before it finally settled at RM5 lower at 1576. Trades were thin as player cautious ahead of coming OPEC meeting on 17 Dec.