FCPO Commentary on 01/04/09

FCPO 3rd month June Futures contract rose RM30 higher to close at RM2000 as compare to previous trading session with 5251 lots traded in the market. CPO price seems mainly traded sideways during trading session despite crude oil and soybean oil was traded wild during trading session.

Technically, CPO price seems still holding firm above support levels at RM1950 and RM1970 regions. We expect CPO price would encounter great selling pressure around resistance levels at RM2035 and RM2050 regions. Traders were advice to hold short position provided resistance levels were not violated. Supports were seen at RM1950 and RM1920 regions.