Palm | Kelapa Sawit

Palm oil futures recovered some of its losses to end off low on expectations of good export figures. Overnight NYMEX crude oil slid lower due to Dow Jones fell to 12 year low had triggered some aggressive selling activities during opening bell which sent Benchmark May09 to intra day low at 1828 after opened RM21 lower at 1859. However, the sold down was short lived as CPO prices didn’t go down any further and was well supported at 1830 level. It then started to climb back slowly through out the rest of the day, despite other vege oil market showed some losses. Market talk that 1-25 Feb export numbers likely to be better than same period in Jan (ITS-952T ; SGS-1,016T) prompted more buying activities in the afternoon session. Benchmark may09 hit the intra day high of 1878 before it finally settled RM9 lower at 1871, while other traded contract months had gained between RM10 to RM20.