Palm | Kelapa Sawit

Palm oil futures ended sharply lower after a volatile trading day. Benchmark Oct09 began to fall lower through out the morning session after opened RM33 lower at 2482, following the sharp losses in overnight CBOT soy oil. It hit intra day low of 2424 before morning closed at 2431. The emerged of some aggressive buyers led palm oil futures to gap up higher during second session opening and continue to surge strongly until it hit intra day high at 2510. Nevertheless, it encountered strong resistance at above 2500 level as prices then started to fall again until it finally settled RM74 lower at 2441. External markets were mix as eCBOT soy oil inched higher after recovering from its earlier losses while Dalian palm ended with more than 2% losses.