FCPO Commentary on 18/02/09

FCPO February futures contract traded RM27 lower compare to previous trading session and close at RM1895 with a total 10325 lots traded in the market. CPO price was mainly traded sideways throughout the entire trading session as lack of market leads towards directions.

Technically, CPO price challenge the support trend line numerous times and finally rested on hourly 80 – days and 100 days moving average. We expect CPO price would be well support above support levels at RM1870 and RM1840 regions. Traders were advice to hold long position in the coming trading session while be cautious around resistance levels at RM1940 and RM1980 regions.