Trader's Comment: CPO futures extended its consolidation mode to end in negative territory.

CPO futures extended its consolidation mode to end in negative territory. Market momentum was not much improving in a dull and lacklustre trading day. Weak opening for benchmark Apr 09 at 1810, down RM 17 after tracking losses in overnight CBOT and NYMEX crude oil on the back of stronger USD. Bargain hunting continues to take place coupled with some intra-day activities emerged. Prices were then holding well at 1800 mark despite hit the intra-day low at 1792. News on India won’t restore palm oil import tax as oilseed prices rise had helped to underpin the market sentiment. Late push up saw Apr 09 struggling to close at 1809, down RM 18 with total daily volume stood at 12,019 contracts changed hands. Switches between Mar/Apr/May were contributed about 30 per cent of the volume.