FCPO Commentary on 27/11/08

CPO Febuary futures contract surge RM78 compare to previous trading session to close at RM1598 with a total of 7893 lots traded in the market

CPO price starts to surge up during 2nd trading session after crude oil and soybean oil electronic trading traded higher hence induce CPO to move upwards. Technically, CPO price starts to surge up once manage to breach resistance levels at RM1550 region. We expect CPO would be trading around RM1790 region in the coming trading session. traders were advice to hold long position in the coming trading session around the support levels at RM1550 and RM 1500 region while be cautious around resistance levels at RM1596, RM 1647 and RM1690 region.