Palm | Kelapa Sawit

Palm oil futures lost more than 3% today on weaker export. Benchmark Nov09 immediately fell to intra day low of 2299 after gap down RM58 to open at 2312 following the sharp fall of overnight NYMEX crude oil and CBOT soy oil prices. As external markets in Asian time trading halted from further falling and recovered slightly this had provided some cushion to the local front. Nov09 then bounced back to hit the intra day high of 2335 in the early second session. However, end-Aug export data released by private cargo surveyor SGS reported a decline of 7.9% weaker than the earlier ITS which is down 4.9% compare the same period of last month had weighed on the market sentiment. This had prompted speculative selling emerged and sent prices to settle RM 67 lower at 2303 with total daily volume stood at 16,801 contract changed hands.