Trader's Comment: CPO futures ended broadly higher after a range trading mood

CPO futures ended broadly higher after a range trading mood. Benchmark Mar09 gapped up RM35 to open at 1865 following overnight NYMEX crude oil and CBOT soy complex settled slightly higher. It hit the day high and day low level shortly after market opened at 1894 and 1856 respectively. Thereafter, it began to hover around that range through out the day. The fact that other commodities market continued their rally in Asian time trading where crude oil traded above $39 and eCBOT soy complex also inched higher had provided a steady support on the local CPO prices. Benchmark Mar09 finally settled RM54 higher at 1884. The fear of bad weather in South America had also helped lifted the sentiment in the global vege oil market.