Trader's Comment: Palm oil futures ended mix to easier after trapped in narrow range trading

Palm oil futures ended mix to easier after trapped in narrow range trading through out most of the afternoon session. Benchmark Aug09 initially opened RM30 lower at 2471 following the losses in overnight CBOT soy oil, but immediately bounced back again and hit intra day high at 2519 in the morning session. Some profit taking activities emerged in the early second session saw prices eased off slightly to 2484 and then began to hover between 2516-2484 level until it finally settled RM16 lower at 2485. The losses in Dalian palm had given some minor impact today as Asian time NYMEX crude oil continued to rally strongly after its overnight strong gains, while eCBOT soy oil also rebounded slightly. Meanwhile, potential buying interest for the upcoming Ramadhan festive season which fall in the 3rd week of Aug may have also lend some support to the local CPO market.