Trader's comment: CPO futures tumbles further to hit fresh new year low

CPO futures tumbles further to hit fresh new year low following Dalian palm and soyoil closed sharply lower. A prominent trade house was the features seller at the FOB market had further dampened the market sentiment. Benchmark Oct08 prices was slammed down to 2861 in the afternoon session. Later, it managed to bounce back and rebounded to settle RM32 lower at 2969. Daily volumes were heavy with 19,096 contracts changed hands.