Trader's Comment: CPO futures ended with easier tone after range bound trading

CPO futures ended with easier tone after a range bound trading session. Lower than expected export data released by private cargo surveyors sent prices to trade in negative territory during the morning session. Steady crude oil prices saw speculative buying pushes prices to hit intra-day high at 2351 in the afternoon session. However, it loose steam after lack of follow through buying and crude oil prices also easing off. This sparks some intra-day long liquidation and sent benchmark Dec08 price slides to settle RM38 lower at 2280. Total daily volumes improved to 19,370 contracts transacted.