Palm | Kelapa Sawit

CPO futures ended lower after trading in a choppy manner. Benchmark July09 had failed to fully cover its previous day left over gap as it only climbed to intra day high of 2530 after opened at 2490. Prices then began to ease off due to lack of follow through buying and slid to intra day low at 2422 after second session resumed. The emerged of some bargain hunting activities had managed to support CPO prices. Benchmark July09 bounced back to 2494 before it eased off again to settled RM25 lower at 2456. Market sentiment was filled with uncertainty, as traders were still concern of the outbreak of swine flu in Mexico. Both eCBOT soy oil and Dalian palm edged lower today during Asian time trading. Daily volume also reduced slightly to 16,596 contracts changed hands.