Trader's Comment: Palm oil futures rallied broadly higher to hit new recent high at above 2500 level on the back of external factors.

Palm oil futures rallied broadly higher to hit new recent high at above 2500 level on the back of external factors. Initially, Benchmark Oct09 hit the morning high at 2487 after opened RM7 higher at 2467 but immediately met some resistance from some profit takers, it then came down and hovered between 2468-2446 through out the morning session. However, as Asian time NYMEX crude oil continue to surge to more than 2% higher, this caused local BMD to follow suit. Benchmark Oct09 began to rally strongly higher in the second session until broke the psychological resistance level of 2500. It hit intra day high of 2521 before ended RM55 higher at 2515. Daily volume was also high with a total of 20,657 contracts changed hands.