Palm | Kelapa Sawit

Palm oil futures fell broadly lower amid weaker Asian time global vegeoil. Benchmark Mar09 merely hit the intra day high of 1569 after opened RM20 lower at 1568 following overnight NYMEX crude oil dropped to below $40 level again. It then fell to 1557 but managed to support as it hovered between 1560-1565 level through out the whole morning session. However, inadequate follow through buying activities saw CPO prices began to sell down after second session resumed trading. Lower eCBOT soy oil and Dalian palm coupled with further drop of Asian time crude oil sent Benchmark Mar09 continue to fall and settled at intra day low of 1530. Market tone was not as firm as yesterday due to position squaring ahead of the coming holiday season.