Trader's Comment: The “bull” finally got defeated as CPO prices posted its first loss after previous 4 days winning streak.

The “bull” finally got defeated as CPO prices posted its first loss after previous 4 days winning streak. Benchmark Jun09 surrendered its earlier gains amid profit taking activities. It initially bounced back from intra day low of 2440 and immediately broke above 2500 level on the back of 1-15 April export data released by private cargo surveyor ITS who reported an increase of 3.7%. However, prices began to ease off from its intra day high of 2540 in the second session after second private cargo surveyor SGS showed a lower than expected export figure when it stated a decrease of 1.56%. Benchmark Jun09 slid to 2442 before it finally ended RM26 lower at 2459. The pressure from profit taking activities had undermined the CPO market despite supportive external market. eCBOT soy oil had been inching higher today and Dalian palm traded close to limit up price.