Trader's Comment: Palm oil futures surrendered its yesterday’s gain to end sharply lower on weak export.

Palm oil futures surrendered its yesterday’s gain to end sharply lower on weak export. Benchmark Mar09 opened RM61 lower at 1823 following the declined of overnight NYMEX crude oil and CBOT soy complex. It then hovered in a tight range of 1840-1810 level through out most of the sessions, fueled by a very low volume. The released of Jan1-15 export data by private cargo surveyors has further weaken the market sentiment after ITS and SGS posted a fall of 33% and 36% respectively. Benchmark Mar09 hit intra day high at 1844 in the second session but was immediately sold down again to intra day low of 1804 before it ended RM78 lower at 1806.