Trader's Comment: Palm oil futures finished with a positive tone for the last day of the year

Palm oil futures finished with a positive tone for the last day of the year after recovered from its early losses. Benchmark Mar09 initially opened RM29 lower at 1642 and hit the intra day low of 1639 following overnight NYMEX crude oil fell below $40 coupled with easier CBOT soy oil. However, it was well supported and began to climb back slowly through out the day. The release of December exports data by private cargo surveyor SGS in the afternoon session which posted an increase of 22.2% sent CPO prices to rally higher. Benchmark Mar09 continue to surge and finally settled at the intra day high of 1695. Export data by the other private cargo surveyor ITS is scheduled to be released on Friday.