Palm | Kelapa Sawit

Palm oil futures ended mix to easier after bargain hunting and pre-weekend covering limit the losses. Trading was rather quiet in the morning session as Benchmark Sep09 hovered between 2318-2290 after opened RM11 higher at 2310. However, it became very choppy in the afternoon session as prices broke below the recent low of 2284 and hit intra day low at 2274 and tested couple of times. Nevertheless, the emerged of bargain hunters in these oversold market coupled with pre-weekend short covering activities had defended Benchmark Sep09 from dropping further. Prices kept on bounced back from intra day low until it finally ended RM14 lower at 2285. Dalian palm ended with 118 pt losses, the gains in Asian time NYMEX crude oil & eCBOT soy oil had also manage to lend some support to the CPO market. Market talk that 1-20 June export data somewhere around 790k tonnes.