Palm | Kelapa Sawit

Palm oil futures ended marginally lower after ranging between 2183-2153. Market was uncertain today in the midst of mix sentiment. While waiting for the official March09 supply & demand data by MPOB, there was some bullish news on the palm oil stock level after Reuters poll reported that March’s inventory level likely to slide 12.8% at 1.36 million tones. Coincidently, analysts from Oil World also forecasted that stock level to fall to between 1.30-1.40 million tonnes on weaker output. However, the weak external market somehow outweighed this supportive news. eCBOT soy oil prices edged down today and Asian time NYMEX crude oil also fell below $48. Benchmark Jun09 in the end settled RM15 lower at 2165 after hovering between 2183-2153 through out the day. It earlier opened RM7 lower at 2173 on weak closing of overnight soy oil and crude oil.