Trader's comment: CPO futures extended its losses to hit fresh year low

CPO futures extended its losses to hit fresh year low, dragged down by heavy losses in crude oil and soyoil prices. Official Jul 08 supply and demand data released by MPOB was basically view as neutral figure; July production up 6.2% at 1.56 million tonnes whereas end-stock draw down 2.8% to 1.98 million tonnes. Private cargo surveyors's 1-10 August 08 export figures were more or less within expectation. SGS put 1-10 Aug export at 401,800 vs 326,109 in the same period in July. At closed, Oct 08 settled RM 108 lower at 2671.