Trader's Comment: Palm oil futures gave back yesterday’s gains on lower crude oil.

Palm oil futures gave back yesterday’s gains on lower crude oil. Benchmark Sep09 initially traded in between 2412-2382 level through out the morning session after opened unchanged at 2400. In the second session it resumed trading with steady tone and hit 2414. However. Prices began to ease and lose ground following Asian time NYMEX crude oil surrendered its earlier gains to trade below $71 level. Prices then hit intra day low at 2363 before it ended RM25 lower at 2375. Dalian palm ended inching lower while eCBOT soy oil edged higher today. Market continue to trade in sideways on cautious mode, due to lack of fresh leads and confusing factors.