20080822 1449. CPO Nov contracts now trades above 2700. What can we say? Last week it was looking like the end of the world, all were saying: "cpo looks weak" "better start hedging, price might fall to 2,200" "There are a lot of wash out trades in the market" "price won't rise". You can call these players suckers, I call it irrational overexuberance....