FCPO Commentary on 24/04/09

FCPO 3rd month July Futures contract surge RM105 higher to close at RM2580 as compare to previous trading session with 19,855 lots traded in the market. CPO price traded higher fiercely as soybean oil and crude oil overnight and electronic trading were traded firm.

Technically, CPO price surge up after long consolidation and tested the hourly trend line around support levels RM2460 regions. We expect CPO price would trade higher in the coming trading session while resistance levels seen at RM2633 and RM2700 regions. Traders were advice to hold long position in the coming trading session while be cautious around support levels at RM2500 and RM2440 regions.