Palm | Kelapa Sawit

Palm oil futures ended sharply lower on bearish export data and worsening external markets. Benchmark Aug09 gapped down RM15 lower at 2450 tracking the last Friday sharp losses in CBOT soy oil and NYMEX crude oil. Prices then continue to fall through out most of the sessions until it hit intra day low of 2375 before it finally settled RM65 lower at 2400. The released of the bearish export figure by both private cargo surveyors had given traders the excuse to sell down aggressively on FCPO prices. ITS & SGS had reported a decline of 10.2% and 9.4% respectively on the 1-15 June export data. Furthermore, the weak external markets had also further fueled the selling sentiment in the local CPO market. Asian time NYMEX crude oil continued to fall more than $1 to trade below $72 level. Dalian palm also ended 1.7% lower while eCBOT soy oil edged lower in late Asian time trading today. Lack of buying interest at the underlying cash market also weighed on prices.