Trader's Comment: Palm oil futures edged lower on position squaring ahead of industry data.

Palm oil futures edged lower on position squaring ahead of industry data. Benchmark Nov09 initially hit intra day high of 2217 after opened RM9 lower at 2201 but immediately dropped due to profit taking activities after yesterday’s strong rebound. It then hovered between 2210-2181 through out most of the sessions. Some late liquidation sent prices eased off further to intra day low of 2170 before settled RM31 lower at 2179. Position squaring were evident through out the day as traders cautiously waiting for tomorrow’s 1-10 days Sept export data and MPOB supply & demand data for the month of Aug. Market talk that export for the first 10 days of Sep may be around 310k tonnes, compare with 366k tonnes (ITS) in the same period in Aug.