Palm | Kelapa Sawit

CPO futures prices ended lower on profit taking activities. Benchmark Dec09 had been hovering in negative territory between 2172-2188 through out the morning session after opened RM10 lower at 2180, tracking the softer tone of eCBOT soy oil and Dalian palm in the early trading time. Although the released of Sep1-20 palm oil export data by private cargo surveyors SGS which reported an increase of 2.9% had reinforced market expectation of higher export in month end, however market sentiment did not improve in the second session but dampened further as traders took this opportunity to book their profit after last week’s rally. Prices continued to fall lower through out the second session and hit intra day low of 2142 before it settled RM44 lower at 2146. Daily volume was low with only 11,386 contracts traded as many traders are still off due to holidays.