FCPO Commentary on 02/04/09

FCPO 3rd month June Futures contract surge RM70 higher to close at RM2070 as compare to previous trading session with 14116 lots traded in the market. CPO price surge up despite soybean oil and crude oil electronic were traded lower during the trading session.

Technically, CPO price seems consolidating within RM2020 and RM2040 regions before manage to break up the upper resistance trend line around RM2045 regions. We expect CPO price would encounter strong selling pressure around resistance levels at RM2083 and RM2170 regions. Traders were advice to hold long position in the coming trading session provided is support levels around RM2030 and RM2000 must not be violated during the trading session.