Palm | Kelapa Sawit

Palm oil futures fell sharply lower to new recent low level on late intra day liquidation. Benchmark Aug09 initially managed to bounce back from its morning low of 2478 and hit intra day high at 2531 in the afternoon session on the back of some positive export figures released by both private cargo surveyors. ITS and SGS had reported an increase of 0.6% and 4.7% respectively on the 1-25 May export data. However, lack of follow through buying and some intra day liquidation in late trading led prices to fall again. The weak Dalian palm did not provide any buying support to the local CPO market while, eCBOT were closed during Asian time trading due to US public holiday. Benchmark Aug09 finally settled RM76 lower at the day low of 2445 with total daily volume stood at 13,230 contracts changed hands.