Trader's Comment: Palm oil futures ended broadly higher on pre-weekend covering.

Palm oil futures ended broadly higher on pre-weekend covering. Benchmark Aug09 initially slid to intra day low of 2492 after opened RM8 higher at 2513 but was well supported as it immediately bounced back and climbed steadily through out the morning session. The sudden emerged of short covering activities when second session resumed had led prices to surge higher and hit intra day high at 2585. It then eased off slightly and traded between 2575-2538 level before it finally settled RM55 higher at 2560. The continuous strong rally in Asian time NYMEX crude oil which traded more than $1 higher after its overnight’s strong closed, coupled with eCBOT soy oil which edged higher had also helped to fuel the bullish sentiment in the local CPO market.