Tuesday, March 17, 2009

Trader's Comment: CPO futures prices ended generally higher

A good turn around from overnight NYMEX crude oil and rival soy oil futures in CBOT led CPO futures to start with positive tone and ended generally higher. Benchmark Jun09 initially opened with RM28 higher at 1930 and hit intra day high at 1940 for the lunch break. Market remained in steady mode through out the afternoon session, it drifted to intra day low at 1918 due to some intra day profit taking activities. Later it finally settled RM20 higher at 1922. Steady underlying cash market also providing the support to the FCPO.