Palm | Kelapa Sawit

Palm oil futures edged higher as unexpected bearish stock data offset by strong external markets. Benchmark Aug09 initially opened RM20 higher at 2480, following the firm closed in overnight NYMEX crude oil. However, the released of weak 1-10 June export data by both private cargo surveyors had caped the further gains in FCPO. ITS & SGS reported a sharp fell of 28.3% and 35% respectively. Meanwhile, the released of MPOB supply & demand data which saw an unexpectedly rose of 5.72% in end May stock level, led prices to fall further until it hit intra day low of 2451 in the afternoon session. Nevertheless, the strong external market had provided some cushion of support to the local CPO market. The continuous rally of Asian time NYMEX crude oil and eCBOT soy oil, coupled with spill over from bullish regional market led Benchmark Aug09 to bounced back again and ended at the intra-day high of 2501 with total daily volume increase to 18,443 contracts changed hands.