Trader's Comment: CPO futures eked out a modest gain

CPO futures eked out a modest gain. Benchmark Nov 08 initially opened flat at 2450 due to overnight CBOT soyoil was about in line with e-CBOT yesterday coupled with NYMEX crude oil steady at USD 109/ barrel. Short covering activities emerged as 2440 level was defended well and saw Nov 08 recovered to hit intra-day high at 2492 before it close at 2480, up RM 29 by midday break. Market momentum improved further in afternoon session on follow through buying interest. Prices were then slowly inching higher to trigger the day high at 2515 before settling RM 59 higher at 2510. Total daily volume stood at 9663 contracts changed hands.