Palm | Kelapa Sawit

Palm oil futures continue to fall lower and break below 2500 level on weak external factors. Benchmark Aug09 initially was still holding steadily in the morning session as it bounced back from the morning low of 2500 and managed to close at 2522 before lunch time. However, sentiment turned weaker in the second session. Seller became more aggressive as prices broke below 2500 level and continue to fall lower through out the remaining session until it hit intra day low of 2454, before it finally settled RM62 lower at 2458. The bearish external markets had provided more selling sentiment to the local CPO market. Both crude oil and eCBOT soy oil continue to fall more than 1% lower after their respective overnight losses, while Dalian palm ended almost 2% lower during the Asian time trading.