Palm | Kelapa Sawit

Palm oil futures ended unchanged after trading in a roller coaster manner. Benchmark Aug09 hit intra day high of 2525 after opened almost unchanged at 2506, but immediately fell to intra day low at 2440 as profit-taking activities emerged after yesterday’s rally. Prices then began to hover between this range through out the day in a very choppy manner, until it finally settled unchanged at 2505. The statement made by a well-known industry analyst Mr. James Fry had helped to provide some cushion of support to the local CPO market. He said that CPO prices may hit RM3000 if crude oil market continue to rise, but without stipulating a time frame. ECBOT soy oil was also mix today after a volatile trading day while Dalian palm ended to inch lower.