Trader's Comment: Palm oil futures edged higher after yesterday’s profit taking as market expecting good export figures.

Palm oil futures edged higher after yesterday’s profit taking as market expecting good export figures. Initially, Benchmark Oct09 opened almost flat and fell to intra day low of 2098 tracking overnight losses in CBOT, but was well supported as it later immediately bounced back to positive territory and thereafter climbed steadily through out the remaining sessions. Market talk that end July export data which is scheduled to release tomorrow may be around 1.40 million tonnes (compare with 1.23 million tonnes from last month corresponding period), while eCBOT soy oil had recovered strongly from its overnight losses. Benchmark Oct09 surged to intra day high of 2155 before it finally settled RM32 higher at 2145. Daily volume was rather thin with a total of 10,704 contracts changed hands.