Trader's Comment: Palm oil futures recouped yesterday’s losses to end sharply higher.

Palm oil futures recouped yesterday’s losses to end sharply higher. Benchmark Oct09 merely hit intra day low of 2028 after opened RM15 higher at 2035 and since then began to surge steadily through out the day until it settled at the intra day high at 2123, up RM 103 with total volume stood at 15,575 contracts changed hands. Buying sentiment was strong as other vege oil markets also gained momentum and continued to be supportive. Both eCBOT soy oil and Dalian palm edged higher during Asian time trading. Pre-weekend short covering activities had also helped to further push up the price in late trading.