Trader's Comment: CPO futures just RM 1 away from 2800 mark before ending off the high on late profit taking.

CPO futures just RM 1 away from 2800 mark before ending off the high on late profit taking. NYMEX crude oil had been rising higher near $60 level during early Asian time trading. This led Benchmark july09 to open RM30 higher at 2755. It initially fell to intra day low of 2738 trying to fill yesterday’s left over gap. Prices then immediately bounced back and climbed steadily until it hit the new recent high at 2799 in the afternoon session. However, the emerged of late intra day profit taking activities saw Benchmark July to ease off slightly to 2765 and finally ended RM64 higher at 2789. The strong external market had provided some good support to the local front. Asian time crude oil continue to trade almost $1 higher, while Dalian palm ended nearly 2% higher and eCBOT soy oil also edged higher.