Trader's Comment: CPO futures dived

CPO futures dived to end weak as tracking losses in NYMEX crude oil in Asian time zone. Sluggish trading in the morning session saw benchmark Nov 08 stuck in tight range between 2334-2359 with traded in thin volume. However, market momentum turning weak in the afternoon session following NYMEX crude oil in Asian time zone traded around USD 101/ barrel near to the physiological support level. Speculative selling interest kept market under pressure and saw Nov 08 cracked below 2300 mark and dived to the fresh year low at 2275. Late intra-day short covering activities helped to provide a little cushion. Nov 08 then recovered a little to settle RM 20 lower at 2309 with total daily volume stood at 8,027 contracts changed hands.