Palm | Kelapa Sawit

Palm oil futures ended lower on profit taking. Benchmark Aug09 had been trading within the range of 2656-2607 through out most of the sessions. The bullish results of export figures released by both private cargo surveyors had not led to higher price movement as the news were within market expectation. ITS and SGS reported an increase of 7.9% and 10.7% respectively on the 1-20 May export data. The emerged of late profit taking activities saw Benchmark Aug09 to slid further to intra day low of 2588 before settling RM28 lower at 2602. Generally, market may likely to consolidate in the near future.