Trader's Comment: Palm oil futures rebounded strongly from yesterday’s losses to end sharply higher

Palm oil futures rebounded strongly from yesterday’s losses to end sharply higher after a choppy trading day. Benchmark Aug09 immediately surged to the morning high of 2487 after opened almost unchanged at 2425. It was well supported closed at 2481 for morning break. Prices then began to hover between 2470-2500 level through out the second session before it finally surged further to 2507 and settled RM75 higher at 2505. External markets were mix today as eCBOT soy oil edged higher while Dalian palm ended to inch lower during Asian time trading. Overall market was encountering some technical rebound after yesterday’s aggressive selling activities and may want to consolidate further in near future.