Palm | Kelapa Sawit

Palm oil futures tumbled from yesterday’s 9-month high on weak external factors. Benchmark July09 started to retreat from intra day high of 2759 in the early trading and continue to fall through out the day. It broke below 2700 psychological support level in late trading and finally settled RM105 lower at the intra-day low of 2684. Global vege oil market had showed weakness today along with NYMEX crude oil which traded more then $1 lower at below $57 level during Asian time trading. Dalian palm ended sharply lower while eCBOT soy oil also posted a loss. Spilled over selling interest from regional market also weighed on local CPO market.