Palm | Kelapa Sawit

Palm oil futures continue to end lower on 3rd straight day losses after surrendered its earlier gains. Benchmark Sep09 unable to cover fully on its yesterday’s left over gap as it merely hit intra day high of 2294 after opened RM26 higher at 2288. Prices then began to fall through out most of the sessions until it hit intra day low of 2209 in the second session. The emerged of some late intra day short covering activities led Benchmark Sep09 to settle RM32 lower at 2230. Trading remained quiet since last few days as players now cautiously awaiting for more fresh leads from tonight’s USDA June planting & quarterly stock report and the upcoming MPOB supply & demand data due to release on 10 July. External markets were mix as Dalian palm inched lower while eCBOT soy oil recovered from its overnight losses to trade higher in Asian time trading.