Trader's Comment: Palm oil futures extending its yesterday’s gains to end generally higher but off high

Palm oil futures extending its yesterday’s gains to end generally higher but off high. Strong closed in overnight NYMEX crude oil coupled with 200 points up in rival soy oil in CBOT saw Benchmark Feb09 initially opened with RM42 higher at 1530 and climbed to 1550 before lunch break. Stronger export figures released by private cargo surveyors also provided some support into the market. However, prices meeting some resistance between 1540 to 1550, thus prompting profit-taking activities emerged. It slides to hit the intra day low of 1511 in late session before it rebounded to settled RM32 higher at 1520. Total daily volume stood at 9476 contracts changed hands.