FCPO Commentary on 14/04/09

FCPO 3rd month June Futures contract rose RM36 higher to close at RM2335 as compare to previous trading session with 8198 lots traded in the market. CPO price manage to trade higher during the trading session despite crude oil electronic trading plunge during trading Asia trade.

Technically, CPO continue to surge fierce after manage to breach previous resistance levels at RM2340 regions. We expect CPO price would trade higher in the coming trading session provided support levels at RM2240 and RM 2200 were not violated. Traders were advice to hold long position around the support levels while be extra alert around resistance levels at RM2390 and RM2460 regions