Trader's Comment: Palm oil futures extended yesterday’s losses as crude oil fell further

Palm oil futures extended yesterday’s losses as crude oil fell further. Benchmark jan09 initially open flat at 1460 and merely hit the day high of 1465. It immediately slid down as Asian time NYMEX crude oil traded more than $1 lower at below $56, continuing the fall from overnight losses. Both private cargo surveyor, ITS and SGS had posted a bullish export data which saw the figures increased 11.3% and 18.1% respectively. Benchmark Jan09 hit the intra day low of 1413 in the afternoon session, and then followed a slight rebound to 1442. Nevertheless, it finally settled at 1435 due to lack of follow through buying interest. Other commodity market traded in a mix sentiment, where US eCBOT edged higher while Dalian commodity exchange traded mix.