Trader's comment: CPO futures surrendered all early gains!!

CPO futures surrendered all early gains to finish broadly lower as intra-day long liquidation activities emerged after earlier gains were not able to sustain. Benchmark Oct08 prices rallied to hit intra-day high at 3162 on the back of higher soyoil prices in e-CBOT and firmer crude oil prices in Asian trading timezone. However, prices began to lose ground after it failed to sustain at the higher end due to lack of follow through. Then, market was under selling pressure till the end of the session. It slammed down to settle RM69 lower at 3001.