FCPO Commentary on 28/04/09

FCPO 3rd month July Futures contract plunge RM104 lower to close at RM2481 as compare to previous trading session with 12,820 lots traded in the market. CPO price plunge after soybean oil and crude oil electronic trading plunge before CPO starts trading.

Technically, CPO price was traded sideways throughout entire trading session within down trend channel range from RM2480 and RM2500 regions. We expect CPO price would trade lower in the coming trading session provided while support levels were seen around RM2350 and RM2300 regions. Traders were advice to hold short position in the coming trading session while be extra cautious around resistance levels at RM2537 and RM2580 regions.