Palm | Kelapa Sawit

Palm oil futures eased off from yesterday’s strong rebound to close lower in a tight range trading. Benchmark Sep09 opened RM11 lower at 2275 and immediately fell to intra day low of 2231, tracking the early losses in eCBOT soy oil. It then bounced back slightly and started to hover between a tight range of 2233-2270 level through out most of the sessions until it finally settled RM36 lower at 2250. External markets were rather mix with no signs of major movement seen. Dalian palm inched higher today while eCBOT soy oil gave up some of its overnight gains to edge lower. Asian time NYMEX crude oil was slightly down to below $69 level. Market talk of 1-25 June export data which is scheduled to release tomorrow may improve to about last month figure. 1-20 June export was down 3%-4% compared with corresponding period (1-20 May) reported by both surveyor ITS & SGS. Daily volume reduced significantly to only 11,380 contracts changed hands.