Trader's Comment: CPO futures rallied strongly extending its gain for the 3rd consecutive days

CPO futures rallied strongly extending its gain for the 3rd consecutive days. Benchmark Mar09 immediately hit the morning high of 1661 after opened RM35 higher at 1625 following a higher Asian time crude oil in the early trade continuing from its overnight gains. It then began to ease off after some profit taking activities took place. Benchmark Mar09 turned lower and hit 1634 in the early part of second session. Nevertheless, the “bull” gained back its strength again and sent CPO prices to bounce back and rallied higher without looking back. It finally settled at the intra day high of 1671. Traders were also speculating on the exports data which is due to be released tomorrow, expecting some strong figure from it.