Palm | Kelapa Sawit

Palm oil futures surrendered all its earlier gains to end mix. The strong rally in overnight CBOT soy oil and NYMEX crude oil leads to Benchmark May09 opened RM36 higher at 1930. However, due to lack of follow through buying activities, CPO prices began to lose its momentum gradually through out the day. It managed to close at 1901 before lunch break. 1900 level was unable to sustain and it fell to intra day low of 1882 in the afternoon session. It then hovered between 1890-1900 level before it finally settled RM4 lower at 1890. Both eCBOT soy oil and Dalian palm had encountered profit-taking activities and ended with losses after their previous session’s gains. Overall, traders were not in the buying mood yet as they cautiously waiting for any fresh leads from the upcoming Price Outlook Conference which will be held next month.