Palm | Kelapa Sawit

Palm oil futures ended lower as lack of buying support due to weak external factors. Benchmark Sep09 gaped down RM34 at 2285 after the opening bell and hit intra day low of 2242 with aggressive selling interest emerged as tracking the negative Dalian Commodity prices and Asian time NYMEX crude oil. However, market talk that end June export data which will be released tomorrow may be around 1.25m tonnes compared with last month figure of 1.21m tonnes (ITS), had managed to provide some cushion to the market momentum. Prices then hanging around 2250-2270 level through out the remaining session before it ended RM57 lower at 2262. Total volume stood at 12,695 contracts changed hands. Players now waiting for the USDA's June planting and quarterly stocks reports on Tuesday night followed by MPOB supply & demand data due to release on 10 July.