Palm | Kelapa Sawit

CPO futures fall on the back of weak market sentiment. Weaker NYMEX crude oil coupled with easier E-CBOT soyoil prices traded in Asian time had weighed on local front. First 20 days of January export data released by private cargo surveyors were came within market expectation with both ITS and SGS dropped more than 30 per cent compare to the same period last month. This has resulted benchmark Apr 09 remains under pressure with a tight range after the opening bell at 1818. Bargain hunting activities were saw prices surviving at 1800 mark by midday break. News on India may tax on CPO imports had prompted late selling interest emerged. Apr 09 hit the intra-day low at 1799. Some intra-day short covering helped to cushion the market momentum and sent prices to hit the day high at 1850. However, prices then eased off due to lack of follow through buying support. At the closing bell, Apr 09 settled at 1827, down RM 32 with total daily volume stood at 14,133 contracts changed hands.