Palm | Kelapa Sawit

Palm oil futures recouped some of its earlier losses to end marginally lower. The heavy losses in overnight CBOT soy oil saw Benchmark Aug09 to fall through out the morning session and hit intra day low at 2525. However, it started to bounce back in the second session and began to climb steadily until it hit intra day high of 2578, tracking the strong rebound of Asian time NYMEX crude oil following Goldman Sachs Group Inc. raised its crude oil price forecast for the end of 2009 to $85 a barrel from its previous target of $65 a barrel, in a research report today. At the closing bell, Aug settled at RM6 lower at 2569. External vege oil markets were rather mix as Dalian palm ended more than 1% lower while eCBOT soy oil edged higher. Daily volume improved slightly with total 13,291 contracts changed hands.