Palm | Kelapa Sawit

Continuous profit taking led palm oil futures to end lower after its earlier mix trading. Benchmark July09 was well supported initially as prices climbed slowly until it hit intra day high of 2731 in the afternoon session. Nevertheless, today’s buying sentiment was not as strong as the previous days. The emerged of profit taking activities saw Benchmark July09 came off from the high and slid to intra day low at 2603, fully covered yesterday’s left over gap. It finally ended RM77 lower at 2625. External markets were rather mix today as eCBOT soy oil eased off slightly while Dalian palm ended higher. Trading volume also reduced slightly with 22,092 contracts changed hands.