CPO futures gave up all its early gains to end lower

CPO futures gave up all its early gains to end sharply lower with a fresh low for the year. Benchmark Nov 08 gapped up RM 39 at 2524 following strong gains in overnight CBOT soyoil prices.Nov 08 then hit the intra-day high at 2565. However, lack of follow through buying support saw prices unable to hold at higher end. Market retreated to close at morning low at 2492, up RM 7.Aggressive speculative selling emerged once market violated the recent fresh year low at 2392. Nov 08 tumbled to the low at 2351 before recovered to settle at 2436, down RM 49. Total daily volume stood at 14,530 contracts changed hands. Market talk 1-20^th Aug export is around 904,000 mt.