Palm | Kelapa Sawit

Palm oil futures ended to inch lower in a "yo-yo" trading day. Benchmark Mar09 opened RM20 lower at 1525 following overnight NYMEX crude oil settled at fresh 4-1/2 year low at $35.98 coupled with lower CBOT soy oil. It managed to cover yesterday's left over gap when it hit the morning high at 1540 immediately after market opened, but then fell back again to hover between 1525-1510 level. Some short covering activities appeared in the early part of second session sent Benchmark Mar09 to climb to intra day high at 1548. However, it eased off due to lack of follow through buying. Later it settled RM9 lower at 1536. Trading seems to be more and more quiet as holiday season is approaching nearer.