Trader's Comment: The “Bull” came back again with more strength this time as CPO prices ended with triple digit gains

The “Bull” came back again with more strength this time as CPO prices ended with triple digit gains after breaking above 2200 level. Benchmark Jun09 surged all the way up without looking back through out the day to finally settled RM104 higher at 2269 after it hit intra day high of 2281. Initially, rumors that came out early morning about high CPO production saw Benchmark Jun09 hit intra day low of 2156 after it opened unchanged. However, no follow through selling down were seen, but in fact had attracted more bargain hunters. Buyers became increasingly fierce especially after prices hit above 2200 level. Traders were expecting much more lower stocks level ahead of some crucial data scheduled to release tomorrow. MPOB and private cargo surveyors will released their own supply/demand data and the first 10 days of April export figures respectively. External market also showed strong movements today. eCBOT soy complex extended their previous session’s gain while waiting for tonight’s USDA report. Dalian palm ended almost 2% higher. Meanwhile, Asian time NYMEX crude oil also climbed to above $51. Commercial covering interest were seen at underlying cash market.