Trader's Comment: Palm oil futures recovered partially from yesterday heavily sold down market amid stabilizing external markets.

Palm oil futures recovered partially from yesterday heavily sold down market amid stabilizing external markets. Benchmark Nov09 gap up RM25 higher to open at 2360 and hovering in a tight range between 2355-2390 through out the day until it settled RM40 higher at 2375. The rebound of external markets had provide some steady support to BMD as both Asian time NYMEX crude oil and eCBOT soy oil had recovered from overnight losses and rose broadly higher today. Short-covering activities were also evident as players started to cover their positions after yesterday’s oversold market while waiting for fresh leads. Daily volume was moderate with a total of 14,888 contracts changed hands.