Trader's Comment: Palm oil futures tumbled sharply lower on bearish external markets

Palm oil futures tumbled sharply lower on bearish external markets while struggling to maintain at above 2000 level. Benchmark Sep09 had been hovering between 2014-1983 level through out the day after it gap down RM59 to open at 2010, following the overnight sharp decline of CBOT soy oil. Sentiment continued to be weak as spill over from Dalian palm that had immediately fell to almost limit down level while NYMEX crude oil also extended its overnight losses to edge lower during Asian time trading. News from Reuters poll stating that Malaysia’s June palm oil stocks likely to rose 4.6% to 4-month high also further undermined FCPO market. Benchmark Sep09 ended RM67 lower at 2002.