Trader's Comment: CPO futures ended higher on late covering activities ahead of long weekend.

CPO futures ended higher on late covering activities ahead of long weekend. Benchmark Apr09 climbed back slowly from intra day low of 1720 after flat opening as tracking some slight rebound of eCBOT soy oil and Asian time crude oil following their respective overnight losses. It then traded in the range of 1765-1720 through out most of the sessions before some aggressive pre-weekend short covering activities came in and pushed up CPO prices in the late trading hour. Benchmark Apr09 hit intra day high of 1787 before it finally settled RM34 higher at 1779. Total daily volume accelerate to 13,970 contracts changed hands. Traders were waiting for the January export data, which is due to be released on next Tuesday. BMD will be closed on Monday for the Federal Territory Day.