BMD crude palm oil futures rebound to end marginally higher on external markets

Market Review
BMD crude palm oil futures rebound to end marginally higher on external markets. Positive closing on last Fri CBOT soyoil lifted benchmark Sep11 opened RM33 higher at 3069 level. Follow through buying pushed prices snapped up to hit intraday high at RM3084 in the morning session, later it hovered in the range of 3070 to 3080 level. Meanwhile Dalian palm gains more than 1% during Asian hours and US market was closed for Independent Day. However, price began to retrace lower in the afternoon session. Speculative selling activities coupled with long liquidation emerged in the late trading slammed benchmark to intraday low at RM3045 before it settled RM14 higher at 3050 level. Overall volume remains good with total 20,390 contracts changed hands.