Palm | Kelapa Sawit

Palm oil futures recovered from yesterday’s losses to end broadly higher on India monsoon concern. News that India’s monsoon rain, a lifeline to its farmers for irrigation, are expected to be below normal for the first time in four years led Benchmark Sep09 to rally through out the day to settle RM86 higher at 2336, as traders speculate on more imports from India. On the other side, the results of 1-25 June export data released by both private cargo surveyors showed slightly improved from last month corresponding period and this had also lent some support to the CPO prices. External markets were supportive as both Dalian palm and eCBOT soy oil were up more than 1% while Asian time NYMEX crude oil clawed back its earlier losses to inch higher in late trading.