Palm | Kelapa Sawit

Palm oil futures fell generally lower amid gloomy price outlook by top industry analysts. Benchmark May09 opened RM25 lower at 1955 following heavy losses in overnight CBOT soy oil and NYMEX crude oil. Initially it was well supported when prices bounced to intra day high of 1973 and close at 1960 before lunch break. However, the release of some pessimistic statement from the top 2 industry analysts during their presentation in today’s Price Outlook Conference saw CPO prices started to decline in the afternoon session. Both James Fry and Dorab Mistry had foreseen the possibility of CPO prices to test 1500 level in the second half of 2009. Benchmark May09 slides to intra day low of 1909 before it finally settled RM60 lower at 1920. External factors were mix as eCBOT soy oil inched higher while Dalian palm ended lower during Asian time trading.