Trader's Comment: Palm oil futures extended yesterday’s gain on strong export figures.

Palm oil futures extended yesterday’s gain on strong export figures. Benchmark Mar09 opened RM3 higher at 1562 following overnight CBOT soy complex settled slightly higher coupled with the rebound of Asian time crude oil in the early trade. It then immediately surged to the morning high of 1586 before some profit taking activities emerged and sent prices to ease off a little to 1571 by midday. The release of 1-25 Dec export data by both private cargo surveyors had provided a firm support on CPO prices. ITS and SGS posted an increase of 23.7% and 23.5% respectively. Benchmark Mar09 began to bounce back after second session resumed trading and continued to rally higher to intra day high of 1596 before it finally settled RM31 higher at 1590. Trading remained quiet ahead of long weekend, as market will be closed on Monday for Awal Muharam.