Trader's Comment: Palm oil futures extended from yesterday’s losses on weak global commodities market.

Palm oil futures extended from yesterday’s losses on weak global commodities market. The sharp fall of overnight NYMEX crude oil and CBOT soy oil led Benchmark Jun09 to open RM23 lower at 1967. It was supported well initially as it bounced back immediately to intra day high of 2005, fully covered its yesterday’s left over gap. However, lack of follow through buying activities coupled with the gloomy global market outlook saw Benchmark Jun09 to ease off and fell to hit intra day low of 1961 in the afternoon session. eCBOT soy oil surrendered its earlier gains to edge lower in late trading and Dalian palm ended more than 1% lower. Regional equity market encountered a sharp fall today while Asian time NYMEX crude oil also fell to below $51 level. Benchmark Jun09 finally settled RM20 lower at 1970. Players await of Mar09 export data which scheduled to be released tomorrow by private cargo surveyors, expecting a poorer number.