Palm | Kelapa Sawit

Palm oil futures ended off high on poorer export rumors. Benchmark Nov09 initially surged to intra day high of 2402 in the morning session after opened RM33 higher at 2378 tracking the early rally in NYMEX crude oil & eCBOT soy oil after extending their respective overnight gains. However, palm oil prices encountered some resistance in the second session as the emerged of market talk that Aug1-25 export data which is due to release tomorrow may drop to 980k tonnes (ITS reported last month corresponding period at 1.11 million tonnes), prompted some liquidation activities. Benchmark Nov09 eased off to intra day low of 2364 before it settled RM30 higher at 2375. Daily volume reduced to a total of 17,937 contracts that changed hands.