Trader's Comment: CPO futures ended broadly higher after “floating” in a higher range.

CPO futures ended broadly higher after “floating” in a higher range. Benchmark mar09 opened RM44 higher at 1580 tracking the strong gains in eCBOT soy oil and Dalian palm in the early trade. It hit the intra day low of 1569 but was well supported and managed to continue to trade in a higher range between 1575-1595 level through out most of the sessions. Traders seem confident in the FCPO market especially after the release of strong export data by both private cargo surveyors. SGS, closely watched by market players put 1-20 Dec export up 31.49% over same period in November had boosted the players’ confidence. Benchmark Mar09 rallied to hit intra day high of 1596 in the early second session but it retreated back into the range until it finally settled RM52 higher at 1588. The rebound in Asian time crude oil after overnight January contract of NYMEX light crude expired sharply lower had helped to provide some supportive sentiment in the market.