Trader's Comment: The “bull” fiercely claimed back its territory to almost hit 2500 mark

The “bull” fiercely claimed back its territory after the earlier losses as it aggressively pushes CPO prices to above 2400 level and almost hit 2500 mark. Benchmark Jun09 bounced back from intra day low of 2315 during early trade and thereafter began to rally for the rest of the day without looking back. It hit intra day high at 2495 before it finally settled RM150 higher at 2485. Market talk that export data for the first 15 days of April which will be released tomorrow may increase to 620,000 tonnes from 1-15 March at 592,000 tonnes, also enhanced traders’ belief that palm oil stock would drawn down further. The rebound of external market also helped lifted the bullish sentiment in local CPO market. eCBOT soy oil and Dalian palm recovered from their earlier losses to edge higher in late Asian time trading. Commercial buying interest at the underlying cash market had also spill over into BMD.