Trader's Comment: CPO futures was trading between two sides of the prices in choppy manner

CPO futures was trading between two sides of the prices in choppy manner and end sharply higher across the board. Initially, it opened RM61 higher at 2470 and climbed to 2523 following some recovery in overnight CBOT from yesterday's e-CBOT sharp losses and firmer crude oil prices overnight. However, lack of follow through buying in the afternoon session saw prices tumbled to 2410. Later, it hovers between 2420-2440 before it rebounded to settle RM93 higher at 2502. Technical support at 2400 level was defended well and prompted some short-covering interest after last two days of sell down.