Trader's Comment: CPO futures reversed from yesterday's late sell-off to end sharply higher

CPO futures reversed from yesterday's late sell-off to open higher and rally further in the afternoon session to end sharply higher. Market was supported and lifted by positive external factors like higher soyoil in e-CBOT, firmer crude oil prices trading in Asian time zone. Short-covering ahead of long weekend holiday after prices open higher and well held above 2500 level. This prompted some short-covering activities and speculative buying interest. It surged to settle at intra-day high at 2620 up RM150 from yesterday's closed. With this good close, 2400 support level looks solid at the moment.