Palm | Kelapa Sawit

Palm oil futures edged lower on weaker external market. Benchmark Nov09 started with RM24 gap lower at 2279 following the overnight sharp fall of NYMEX crude oil and CBOT soy oil. It then continued to slide lower through out most of the sessions and hit intra-day low at 2220 in the second session, tracking the further declined in Dalian commodities prices. Nevertheless, intra-day short covering activities began to emerge in late trading as prices then started to recover slowly until it finally ended off low to settle RM58 lower at 2245. Daily volume remained good with a total volume of 16,213 contracts changed hands.