FCPO Commentary on 25/11/08

FCPO February futures contract rise RM28 higher compare toprevious trading session and close at RM1488 with a total 6478 lots traded inthe market.

CPO manage to surge up before market closed despite price was seem maintain during market open for trading session. Technically, CPO price manage to breach previous week high at RM1493 levels but only manage to close at RM1488 region. However, we expect CPO price would be temporary bottomed around the support levels at RM1400 and RM1380 regions while looking to challenge the resistances were levels at RM1550 and RM 1600 in the coming trading session. Traders were advice to hold long position in the comingtrading session while being cautious for major retracement.