Palm | Kelapa Sawit

Palm oil futures tumbled heavily and ended with triple digit losses on global market slump. Benchmark Nov09 immediately gap down RM70 to open at 2371, following overnight NYMEX crude oil fell sharply by $3. Initially, it was struggling to cover some left over gap but the buying power was not strong enough as it only managed to hit intra day high of 2397 before morning close at 2391. As the global market continued to weaken further, this led palm oil prices to follow suit. Dalian palm ended with 300 pt losses while eCBOT soy oil dropped more than 100 bid lower. Asian time NYMEX crude oil also extended its overnight losses to fall below $66. Benchmark Nov09 continued to dive lower in the second session and hit intra day low of 2325 before ended RM106 lower at 2335.