Weblog Disclaimer : The information in this weblog has been obtained from sources believed to be reliable. Its accuracy and completeness is not guaranteed and opinions are subject to change without notice. This weblog is for information only and not to be construed as a solicitation for contracts. We accept no liability for any direct or indirect losses arising from the use of this weblog.
Friday, August 22, 2008
Trader's Comment: CPO futures surrender some gains to finish off high on pre-weekend profit taking activities
Pre-weekend profit taking after last few session of good rebound saw CPO futures to surrender some gains to finish off high. Benchmark Nov08 prices rallied to hit intra-day high at 2753 boosted by short-covering and speculative buying following a hefty gains in overnight CBOT and strong crude oil prices in NYMEX. It ease off and tumbled to hit 2688 in last hour of trading. Later, it settled RM62 higher at 2715.