Palm | Kelapa Sawit

Palm oil futures ended higher on late covering after a tight range trading. Short covering activities and technical correction were seen after last 2 days of aggressive sold off. Official June supply & demand data and the first 10 days of July export data scheduled to be released by MPOB and private cargo surveyors respectively had provided the excuse for the covering activities. FCPO market had been trading cautiously in a tight range between 2037-2000 through out most of the sessions. The appear of market talk in late trading that 1-10 July export data likely to be around 420k tonnes compare to last month corresponding period at 289k tonnes(ITS), prompted some short covering to occur in the final hour of trading. Benchmark Sep09 surged to settle at the intra day high at 2047. Daily volume declined to 12,635 contracts changed hands.