Palm | Kelapa Sawit

Palm oil futures edged lower despite good export numbers. Sentiment was uncertain today as the results of the export data released by both private cargo surveyors were within market expectation and now players were waiting for other new clues. Both ITS & SGS had posted an increase of 9.9% and 10.3% respectively on the 1-25 July export data. Benchmark Oct09 had been hovering in a tight range of 2085-2101 through out most of the sessions. It surged to intra day high of 2116 in the second session but later retreated back into the earlier range due to lack of follow through buying activities. It finally settled RM24 lower at 2098. Daily volume reduced significantly with merely 9,944 contracts changed hands.