Palm | Kelapa Sawit

Palm oil futures edged lower on late liquidation after the earlier mix trading. Benchmark Nov09 opened RM19 lower at 2226 following the weak close in overnight CBOT soy oil. Initially, it was well supported as it bounced back steadily began to hover between 2235-2258 level through out most of the sessions. However, the emerged of intra day liquidation activities in late trading led Benchmark Nov09 to ease off and tumbled lower to settle RM27 lower at the intra day low of 2218. Spill over from the bullish China equity market and positive Asian time NYMEX crude oil had lent some support to BMD in the earlier session. Nevertheless, weak vegetable oil market continued to pressure FCPO.