FCPO Commentary on 10/04/09

FCPO 3rd month June Futures contract surge RM104 higher to close at RM2269 as compare to previous trading session with 8244 lots traded in the market. CPO price was traded higher as crude oil and soybean oil overnight electronic trading was traded firm during the trading session.

Technically, CPO price surge fierce during trading session manage to resist around 23.6% Fibonacci projection levels at RM2270 regions. We expect CPO price would trade higher in the coming trading session provided support levels at RM2121 and RM2040 were not violated. Traders were advice to hold long position in the coming trading session while we expect firm selling pressure around resistance levels around RM2300 and RM2340.