FCPO Commentary on 11/02/09

FCPO 3rd month April Futures contract surge RM89 higher to close RM1969 as compare to previous trading session with 9823 lots traded in the market. CPO price was mainly traded sideways before start to surge up before market about to close.

Technically, CPO price was consolidating during earlier trading session but starts to surge up soon resistance level at RM1950 was breach. We expect CPO price would continue to trade higher in the coming trading session. Traders were advice to hold long position in the coming trading while being cautious around resistance levels at RM1970 and RM2050 region. Temporary support was seen at RM1900 and RM1850 region.