Trader's Comment: Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher

Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher, as market expecting export figures will continue to be supportive. Benchmark Sep09 immediately gap up RM33 to open at 2023 and climbed steadily through out most of the sessions. Market talk that tomorrow’s 1-15 July export data could achieve 660k tonnes compare with 560k tonnes (ITS) seen in last month corresponding period, had helped to fuel the buying sentiment in local BMD. Benchmark Sep09 hit intra day high of 2078 in the second session before some intra day profit taking activities emerged in late trading and led prices easing off to settle RM46 higher at 2036. External markets were also supportive as Asian time NYMEX crude oil and other vege oil markets edging higher today.