Trader's Comment: CPO futures tumbled further and hit another fresh year low

Weakening crude oil coupled with substantial losses in rival soyoil prices in CBOT led CPO futures to tumble further and hit another fresh year low but weekend short-covering activities managed to lift the prices to finish off low. Earlier, benchmark price was slammed down to hit 1934 which tracking losses in overnight NYMEX crude oil and soyoil in CBOT. Weakening demand after the festive session also weighed on prices. However, short-covering activities ahead of weekend sent prices rebounding in last hour of trading and settled RM90 lower at 2000. Total daily volumes stood at 14,614 transacted.