Trader's Comment: Market was still well defended as CPO futures managed to close above 1800 level

Market was still well defended as CPO futures managed to close above 1800 level despite being penetrated below 1800. Benchmark Apr09 hit intra day high of 1840 after opened RM29 higher at 1835 following overnight CBOT soy complex settled at positive territory despite the sharp drop in NYMEX crude oil. It then started to weaken as it moved down slowly until it hit the intra day low at 1790 in the early second session. Nevertheless, the emerged of pre-weekend short covering activities in late trading hour sent Benchmark Mar09 to bounce back again and it finally settled RM28 higher at 1833. Extended gains in eCBOT soy complex and some slight recovering of Asian time crude oil had provided supportive element in our local CPO market.