Palm | Kelapa Sawit

Palm oil futures ended lower on late selling amid crude oil weakness. New Benchmark Jun09 was initially well supported through out most of the session, following the released of unexpectedly good 1-15 Mar export data by both private cargo surveyor ITS & SGS which reported an increased of 16.2% and 19.8% respectively. It hovered around previous settlement price level in the morning session. The supportive sentiment spilled over into second session which sent Benchmark Jun09 to hit intra day high at 1948. However, the bullish sentiment was unable to last till the end of trading day. The effect of crude oil tumbling more than 4% to $44 level during Asian time trading outweighed the supporting factor in CPO market. Dalian palm and eCBOT soy oil also turned negative in late trading hour. The “bear” finally prevailed and saw Benchmark Jun09 slid down to settle at intra day low of 1902.