Trader's Comment: CPO futures surrendered all its earlier gains to ends broadly lower

CPO futures surrendered all its earlier gains to ends broadly lower on the back of weaken E-CBOT and profit taking after recent strong rebound. Benchmark Dec09 prices climbed to hit intra-day high at 2180 in the early session due to rally in NYMEX crude oil to trade above USD75 per barrel and better 1-15 export figures. However, the gains were trimmed and eventually surrender in the afternoon session on Dalian palm & soyoil futures begin to lose ground and E-CBOT both soybean & soyoil also weakening and trading in negative territory. These prompted profit taking coupled with long liquidation sent Benchmark Dec09 prices under pressure through out the afternoon session. Prices tumbled to hit intra-day low at 2108 before it settling RM 50 lower at 2110. Total daily volume moderate with 12,804 contracts changed hands.