Trader's Comment: Palm oil futures lose its grip in late trading and settled at the intra day low of 2020

Palm oil futures lose its grip in late trading and settled at the intra day low of 2020 after the earlier sideways movement and mix trading. Market was quite uncertain initially due to the “battle” between speculative buyers who believe that the uptrend is still intact and the profit takers who had started to book their profit from the 2-day rally. New Benchmark Oct09 had been hovering in a tight range between 2100-2067 through out most of the sessions. However, as external markets turned weaker in late trading, intra day liquidation began to emerge in the BMD and saw prices to slid further until closing. Both Asian time NYMEX crude oil and eCBOT soy oil had edged more than 1% lower.