Trader's Comment: CPO futures furiously broke above 2500 level on late trading and rallied strongly to 7 month high.

CPO futures furiously broke above 2500 level on late trading and rallied strongly to 7 month high with triple digit gains on record volume. Benchmark July09 initially climbed slowly after second session opened but gradually became more aggressive. 2500 level was then easily broken and this triggered a wave of panic covering activities. Buyers became more furious and pushed Benchmark July09 to the high of 2586 before it finally settled RM105 higher at 2580. External vege oil market also follow suit as they erased their early losses to trade higher in late trading. Daily volume had hit the all time high with 33,490 contracts changed hands.