Trader's Comment: Palm oil futures extended its overnight gains on the back of strong external markets.

Palm oil futures extended its overnight gains after prices gapped up and stayed higher through out the day on the back of strong external markets. Benchmark Oct09 immediately gapped up RM42 to open at 2165 and thereafter hovering between 2175-2144 through out most of the sessions. Buying support was generally due to the strong external markets in the Asian time trading as NYMEX crude oil and Dalian palm had continued to edge higher through out the day while eCBOT soy oil also recovered from its earlier losses and gained higher. Benchmark Oct09 surged further to hit intra day high of 2184 in the second session but some intra-day profit taking activities saw prices retreated back into earlier range again and settled RM39 higher at 2162 with total volume stood at 13,460 contracts changed hands.