Trader's Comment: Proft taking after recent strong rebound

Profit taking after recent strong rebound led CPO futures to end lower. Earlier benchmark Dec 08 prices rallied to hit intra-day high at 2404, again driven by another strong closing in NYMEx crude oil and CBOT soyoil. However, lack of follow through buying support provided the excuse for the bulls to profit take. This sent prices slump to 2277 in the afternoon session. Later, it hovering between 2285-2310 before it settled RM 39 lower at 2305. Market may want to take a little breather after recent strong rebound. Total daily volume stood at 17,746 contracts changed hands.