FCPO Commentary on 19/12/08

FCPO 3rd month March Futures contract close RM35 lower to close RM1545 as compare to previous trading session with 4902 lots traded in the market. CPO price was opened lower due to weak crude oil and soybean oil overnight closing.

Technically, CPO price mainly sideways throughout the entire trading session. However, CPO price was seen temporary supported above the support levels at RM1540 region. Traders were advice to hold long position in the coming trading session around the next support levels at RM1520 and RM1490 region instead of taking position too rush. Resistances were seen at RM1580 and RM1620 region.