FCPO Commentary on 15/01/09

FCPO 3rd month March Futures contract rebound RM54 higher to close RM1884 as compare to previous trading session with 4439 lots traded in the market. CPO was traded sideways throughout the entire trading session but manage to surge up before trading sessions ended.

Technically, CPO price seems slowly traded higher after being supported at RM1800 levels. We expect CPO price would trade higher in the coming trading session provided support levels at RM1860 and RM1800 were not violated. Traders were advice to hold long position in the coming trading session while be cautious around resistance levels at RM1900 and RM1940.