Trader's Comment: CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices

CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices. Commercial buying interest at the underlying cash market also underpinned the market. Recovery in regional equities market helped a little to neutralize the earlier bearish sentiment and provided some support to the palm market. Benchmark Dec08 price slides to 2020 in the early part of the session. Bargain hunting buying and short-covering activities emerged at the lower end saw prices stabilizing between 2050 to 2080 before another wave of covering interest charge in. This sent prices rebound further to settle at intra-day high at 2185, up RM145 from yesterday's closed.