Trader's Comment: Palm oil futures partially recovered from its earlier losses on late intra day covering.

Palm oil futures partially recovered from its earlier losses on late intra day covering. Benchmark Aug09 immediately dropped to intra day low of 2513 after opened RM52 lower at 2560, following the sharp fall of overnight NYMEX crude oil and CBOT soy oil. Statement made by top industry analyst Mr Dorab Mistry in the early morning failed to enhanced buying activities but managed to provide some support on the CPO prices from falling further. Prices then hovered between 2560-2520 through out most of the sessions before a wave of intra day short covering activities emerged in late trading and push Benchmark Aug09 to hit intra day high at 2603. At the closing bell, Aug 09 settled RM42 lower at 2570. Dalian palm ended more than 4% lower after trading at limit down prices while eCBOT soy oil managed to claw back its earlier losses to inched higher.