Trader's Comment: CPO futures slump further after it failed to defend 2080 to 2100 level

CPO futures slump further after it failed to defend 2080 to 2100 level. Earlier, prices were trading between the narrow ranges of 2105 to 2145 in choppy manner throughout most of the session. Tracking a recovery in NYMEX crude oil price which is up about USD2.00 to USD3.00 during Asian time zone. However, prices begin to slide and loss more ground after it failed to defend yesterday’s low around 2077-2080 level in late trading hour. Then, it dived to hit 2039 before it settled RM80 lower at 2040 with total daily volume at 18,106 contracts changed hands. Market sentiment remains weak and destination market also quiet.