Palm | Kelapa Sawit

CPO futures ended lower on late sell-off after it failed to sustain. Benchmark May09 open RM14 lower at 1881 following the fall of overnight CBOT soy oil and NYMEX crude oil. It was initially well supported and climbed to intra day high at 1904 before it losing its momentum as it hovered between 1900-1885 level through out most of the sessions. The release of end Feb export data by both private cargo surveyors did not help much in providing further support to the CPO market. Traders began to raise their doubt on the possibility of lower end stock level after ITS and SGS reported a decline of 8.2% and 12.4% respectively. Benchmark may09 finally loosed its ground and encountered some liquidation activities in late trading to settled RM24 lower at 1871 after it hit intra day low of 1868. Gloomy regional equity market also provided some negative sentiment to BMD.