Trader's Comment: CPO futures surrendered some of its gains to end marginally higher after a volatile trading day.

CPO futures surrendered some of its gains to end marginally higher after a volatile trading day. Benchmark July09 was initially well supported as it bounced back from the low of 2393 and surged to intra day high at 2501 following the released of 1-20 April export data by private cargo surveyor ITS who reported and increased of 4.2%. However, market became more choppy after the second private cargo surveyor SGS reported an increase of merely 0.8% of the same period export data. It climbed to 2495 after opened lower in second session, but retreated to 2439 again and finally settled RM11 higher at 2446. Market sentiment had been uncertain especially after both private cargo surveyors released the export data that is within market expectations. External factors were also weak as Dalian palm edged slightly higher after giving up its earlier gains while eCBOT soy oil edged lower today.