FCPO Commentary on 22/04/09

FCPO 3rd month July Futures contract fall RM11 lower to close at RM2435 as compare to previous trading session with 11,284 lots traded in the market. CPO price was traded higher since opening despite soybean oil and crude oil plunge during overnight trading.

Technically, CPO price seems supported above the trend line in the hourly chart. However, we expect CPO price would trade lower in the coming trading session provided resistance levels at RM2452 and RM2473 were not violated in the coming trading session. Traders were advice to hold short position in the coming trading session while be extra alert around support levels at RM2400 and RM2380 regions.