Palm | Kelapa Sawit

Palm oil futures ended mix after a choppy trading. Benchmark Aug09 immediately fell to the morning low of 2451 after opened RM20 higher at 2480, but managed to hold firm through out the morning session as it closed at 2469 before morning break. The recovery on crude oil prices traded in Asian time zone led Benchmark Aug09 rallied to hit intra day high of 2504 after second session opened. Nevertheless, the emerged of market talk that the first 10 days of June export only at 289k tonnes compared to 403k tonnes(ITS) in the same period last month saw prices to retreat as some intra day players began to book their earlier profit and speculative selling. Benchmark Aug09 slid further to intra day low of 2441 before it finally settled RM5 higher at 2465. The strengthening of USD had also further undermined local CPO market. External vege oil were mix as Dalian palm inched lower while eCBOT soy oil edged higher. Position squaring activities were seen ahead of official end May inventory data scheduled to release by tomorrow.