Trader's Comment: CPO futures extended from yesterday’s losses as traders continue to book profit

CPO futures extended from yesterday’s losses as traders continue to book their profit after prices rallied strongly since last week. New Benchmark July was initially well supported as it hovered between 2443-2412 through out the morning session on the back of higher soy oil prices in the early Asian time trading. However, sellers became more aggressive in the afternoon session. Benchmark July09 began to fall all the way down to intra day low of 2347 in late trading before it finally settled RM40 lower at 2358. External market was mix today as eCBOT soy oil turned lower when it surrendered it earlier gains while Dalian palm edged higher. Basically market is in correction phase after recent strong rally.