Palm | Kelapa Sawit

CPO futures remained in ranging mode in negative territory. Overnight CBOT soy oil and NYMEX crude oil rallied strongly led Benchmark Jun09 to hit intra day high at 1948 after opened RM10 higher at 1932. However, due to lack of follow through buying, prices then gradually easing off through out the day. Intra day long liquidation in late afternoon session sent Benchmark Jun09 continue to slide further and settled at intra day low at 1905. Market was rather quiet today as players waiting for fresh leads from the export data which is scheduled to release this Friday. Generally, the overall market was still moving sideways within the broad range of 1800-2000.