Trader's Comment: Palm oil futures recovered from yesterday’s losses to end generally higher on late covering.

Palm oil futures recovered from yesterday’s losses to end generally higher on late covering. Benchmark open RM24 higher at 1996, tracking the firm Dalian palm prices in the early trades coupled with the rebound of crude oil to above $53 level during Asian time trading after its overnight fall of more than $1. It eased off initially to intra day low of 1980 but bounced back again to close at 1998 level before lunch. The stable external vege oil market had also provided some support to the CPO market. eCBOT soy oil turned positive in late trading while Dalian palm ended higher. CPO prices traded in a tight range of 2010-1997 in the second session before some short covering activities emerged in late trading and pushed up Benchmark Jun09 to settle RM63 higher at 2035.