Trader's Comment: CPO futures prices ended in a negative territory after a volatile trading day.

CPO futures prices ended in a negative territory after a volatile trading day. Overnight crude oil had fell below $70 level and settled at $69.85, but it rebounded back sharply during early Asian trading time. This had resulted in Benchmark Jan 09 to open RM43 higher at 1694. Nevertheless, the overall market sentiment is still in a bearish mood and full with uncertainty causes today’s market to trade in a roller-coaster manner. Jan09 fell to the morning session low of 1629 immediately after market open, and then rebounded back to hit intra day high at 1705 in the afternoon session. Comments made by top industry analyst added on to the already weak market sentiment, after he said that CPO prices may have to hover around RM1600 for some time to increase demand and clear surplus stocks. Benchmark Jan09 later fell back from the day high to hit intra day low at 1620, before it settled slightly higher at 1635, down by RM16. Daily volume remain good with 10,894 contracts changed hands.