FCPO Commentary on 05/02/09

FCPO 3rd month April Futures contract closed RM57 higher to close RM1845 as compare to previous trading session with 6696 lots traded in the market. CPO price was traded higher as overnight and electronic trading for crude oil and soybean oil positive trading.

Technically, CPO price continue to surge higher after manage to hold well above support levels at RM1800. We expect CPO price would trade higher in the coming trading session with condition that support levels at RM1730 must not violate. Traders were advice to hold long position in the coming trading session while be cautious around resistance levels at RM1850 and RM1900 regions.