Trader's Comment: CPO futures prices gave up some of its earlier gains to end firm

CPO futures prices gave up some of its earlier gains to end firm. Global effort to stabilise financial market had spillover to commodities market. Benchmark Dec 08 initially opened RM 35 higher at 1870 following rebound in overnight CBOT soyoil and steadier NYMEX crude oil. Short covering activities sent Dec 08 surged to the intra-day high at 1902 before closing RM 45 higher at 1880 by midday break. However, lack of follow through buying interest in afternoon session saw prices eased off to the low at 1825 before late push-up to settle at 1850, up RM 15. Total daily volume stood at 14,569 contracts changed hands.