Trader's Comment: CPO futures remain in range bound trading

CPO futures remain in range bound trading due to lack of fresh lead. Positions squaring ahead of weekend coupled with initial margin requirement increase to RM11,500 effective today prompted market players reluctant to take up new position. BMD will be close on 1st and 2nd October due to Hari Raya Puasa. Benchmark Dec08 was trading between 2324 to 2255 before it settled RM33 higher at 2313. Market tone was rather mix to steady due to some trade covering activities.